Complete Summary and Solutions for The Theory of the Firm under Perfect Competition – NCERT Class XII Economics, Chapter 4

This chapter explains the behavior of firms in a perfectly competitive market, including the nature of perfect competition, price taking by firms, the short period and long period equilibrium, equilibrium of the firm and industry, the relation between cost and output, and the concept of shut down price. It also discusses the graphical analysis of equilibrium with detailed explanations and textbook question answers.

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