There is inverse relation between price and demand for the product of a firm under:
A)Monopoly only
B)Monopolistic competition only
C)Both under monopoly and monopolistic competition
D)Perfect competition only

Question

Quizplus · Accepted Answer

The inverse relationship between price and demand is a fundamental economic principle that applies to various market structures, including both monopoly and monopolistic competition. In a monopoly, a single firm controls the market, and in monopolistic competition, many firms sell products that are substitutes but not perfect substitutes, allowing them to have some control over their prices. In both cases, as the price of a product increases, the quantity demanded typically decreases, and vice versa.

There Is Inverse Relation Between Price and Demand for the Product