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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
186 Chapter 8
for two reasons. First, average revenue (AR) and marginal revenue (MR) in an imperfectly competitive
market are dierent from, those in perfectly competitive markets. In a perfectly competitive product
market, AR = MR, and this revenue condition is represented by a straight horizontal line, whereas AR
and MR curves in an imperfect commodity market slope downward to the right. Recall that VMP
L
curve
derived on the basis of constant AR represents labour demand curve under perfect competition. But, the
VMP
L
curve of a variable factor (labour) is not a relevant under imperfect market conditions. Secondly,
the imperfections in the ...
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Publisher Resources

ISBN: 9788131797655