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प्रश्न
Fill up the blank.
The shape of the average revenue curve under perfect competition would be ____________.
उत्तर
The shape of the average revenue curve under perfect competition would be a straight line parallel to the x-axis.
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संबंधित प्रश्न
Explain how changes in prices of other products influence the supply of a given product.
Explain the effect of Change in own price
Explain the effect of change in price of substitute on demand of a good.
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When do we say that there is an excess demand for a commodity in the market?
When do we say that there is an excess supply for a commodity in the market?
A shift in demand curve has a larger effect on price and smaller effect on quantity when the number of firms is fixed compared to the situation when free entry and exist is permitted. Explain.
Suppose the demand and supply curve of commodity X in a perfectly competitive market are given by:
qD = 700 − p
qS = 500 + 3p for p ≥ 15
= 0 or 0 ≤ p 15
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