Class 12 Micro Economics - Chapter The Theory of the Firm under Perfect Competition NCERT Solutions | What is the ‘price line’?

Welcome to the NCERT Solutions for Class 12th Micro Economics - Chapter The Theory of the Firm under Perfect Competition. This page offers a step-by-step solution to the specific question from Exercise 1, Question 3: what is the lsquo price line rsquo....
Question 3

What is the ‘price line’?

Answer

Price line is the graphical representation of the relationship between output and price with x- axis denoting the output and y- axis denoting price. For a perfectly competitive firm price line and demand curve are the same.

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