Question
The feature ‘large number of sellers’ under perfect competition.
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OR
By spending his entire income only on two goods X and Y a consumer finds that, $\frac{\text{MU}_\text{x}}{\text{P}_\text{x}}<\frac{\text{MU}_\text{y}}{\text{P}_\text{y}}$Explain how will the consumer react.OR
A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X rises, the consumer buys less of good X. ASVG Use utility analysis.