Answer :

There is inverse relation between price and demand for the product of a firm under (c), both monopoly and monopolistic competition only. The common feature of monopoly and monopolistic competition is the selling of more units of commodity at a lower price. Correspondingly, there is a downward slope in the curve of the firms under both markets. Hence, the price and demand of the product are inversely related.

Rate this question :

How useful is this solution?
We strive to provide quality solutions. Please rate us to serve you better.
Try our Mini CourseMaster Important Topics in 7 DaysLearn from IITians, NITians, Doctors & Academic Experts
Dedicated counsellor for each student
24X7 Doubt Resolution
Daily Report Card
Detailed Performance Evaluation
view all courses

What is the minimEconomics - Board Papers