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The Theory Of The Firm Under Perfect Competition

Question

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What is the profit maximising condition of a competitive firm in the long-run?

Solution

P = LMC = LAC.

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

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?

What is the condition for determination of equilibrium price?

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