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The Theory Of The Firm Under Perfect Competition

Question

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In perfect competition price is determined independently by a firm.

Solution

False; in perfect competition price is determined by the industry and a firm is only price-taker.

Some More Questions From The Theory Of The Firm Under Perfect Competition Chapter

Define homogeneous product.

What is meant by differentiated product?

Define perfect competition.

Is the seller under perfect competition a price maker or a price taker?

Define monopoly.

Define market equilibrium.

Can a seller under monopolistic competition influence the price?

Why under imperfect competition, MR is less than price?

Why is demand for a good under monopoly less elastic than in monopolistic competition?

What is meant by the term equilibrium?

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