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The Theory Of The Firm Under Perfect Competition

Question

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When demand decreases more than a decrease in supply, equilibrium price will rise.

Solution

False; because when demand decreases more than a decrease in supply, equilibrium price will fall.

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

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?

What is an equilibrium price?

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