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MICROECONOMICS CH : 12 FORMS OF MARKET: PERFECT COMPETITION — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 12 FORMS OF MARKET: PERFECT COMPETITION1 Mark
Question
Price of the product never changes under perfect competition.
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Answer

False. Under perfect competition, an individual firm cannot change the price. But market price can change owing to changes in demand and supply.

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