Under perfect competition, a rightward shift of the market supply curve could be caused by12/26/2023 Market demand curve of a firm is perfectly elastic under perfect competition. In which market demand curve of a firm is perfectly elastic?Īns. A firm cannot influence the price of the product under perfect competition. ![]() In which market form a firm cannot influence the price of the product?Īns. The characteristic of homogeneous product makes monopolistic competition different from perfect competition. Name the characteristics which make monopolistic competition different from perfect competition.Īns. Perfect competition is a market situation in which a large number of sellers sell homogeneous product with free entry and exit conditions. ![]() AR and MR of a firm are always equal under perfect competition.Īns. In which market form are the products homogeneous?Īns. The products are homogeneous in the perfectly competitive market form. A firm is a price taker under perfectly competitive market form. Under which market form, a firm is a price taker?Īns.
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