Q5 of 30 Page 1

There is inverse relation between price and demand for the product of a firm under: (choose a correct alternative)

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.

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