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Class 12 Economics NCERT Solution The Theory of Company In Perfect Competition — Chapter 4 of Microeconomics provides us with complete detail on both topics. As students would have to learn the basics about the subject in class 12, this curriculum for class 12 is a comprehensive study material, which explains the concepts in a great way.
Questions Covered In The Theory Of The Firm Under Perfect Competition Chapter 4
Question 1: What are the characteristics of a perfectly competitive market?
Question 2: How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?
Question 3: What is the ‘price line’?
Question 4: Why is the total revenue curve of a price-taking firm an upward-sloping straight line? Why does the curve pass through the origin?
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