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Microeconomics II
book

Microeconomics II

by D.N. Dwivedi
August 2011
Intermediate to advanced content levelIntermediate to advanced
368 pages
14h 51m
English
Pearson India
Content preview from Microeconomics II
22 Chapter 2
3. No Control over Cost. Because of its small purchase of inputs (labour and capital), under
perfect competition a rm has no control over input prices. Nor can it inuence the technol-
ogy. erefore, cost function for an individual rm is given. is point is, however, not specic
to rms in a perfectly competitive market. is condition applies to all kinds of market except
in case of bilateral monopoly.
What Are the Firm’s Options
e rm’s option and role in a perfectly competitive market are very limited. e rm has no option
with respect to price and cost. It has to accept the market price and produce with a given ...
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Publisher Resources

ISBN: 9788131797655