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Price determination under different market forms
By Bharat Galani MeraSkill.com Š MeraSkill
Determination under Different Market Forms
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Index Perfect Competition Monopoly Imperfect Competition -Monopolistic competition Oligopoly
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Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
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Perfect Competition
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Index Characteristic How is Price Fixed- Industry & Firm Short run Equilibrium - Firm Profits for competitive firm Long run Equilibrium - Firm Š MeraSkill
Characteristic or Features I. Large number of seller II. Commodity is homogeneous III. No barriers to entry or exit IV.Buyer & Seller knowledge of goods, market condition V. Free movement of goods VI.Firm are price taker
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Industry Price OP= Price OQ=Quantity
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Firm Price Firm Price taker reason: 1.Large seller 2.Identical product
P line demand curve for firm.
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