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The Theory Of The Firm Under Perfect Competition

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What is meant by market in economics? Name four forms of market in a capitalist economy.

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[Hint, Market in economics refers to the entire area where buyers and sellers of a commodity are in close contact to affect purchase and sale of commodity. Forms of market in a capitalist economy are (i) Perfect competition, (ii) Monopoly, (iii) Monopolistic competition, and (iv) Oligopoly.]

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

Name the market structure in which firm is itself an industry.

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.

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