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The Theory Of The Firm Under Perfect Competition

Question

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Equilibrium price under perfect competition is determined by each firm with its demand and supply of the product.

Solution

False; equilibrium price is determined by market forces of demand and supply in the industry.

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

Define the term market as used in economics.

What is meant by monopolistic competition?

What are selling costs?

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?

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