The demand curves facing a seller under conditions of pertect competition, monopolistic compettion and monopoly difer in their price elasticities of demand. Draw demand curves of all the three market situations in a single diagram.

The demand curves facing a seller under conditions of pertect competit

1.	The demand curves facing a seller under conditions of pertect competition, monopolistic compettion and monopoly difer in their price elasticities of demand. Draw demand curves of all the three market situations in a single diagram.
Answer» Solution :Perfect competition has a perfscty ELASTIC DEMAND CURVE (DD) parallel to the X-axis Monopolistic competition has a HIGHLY elastic demand curve `(D_(1),D_(1)). Manopoly has a LESS elastic demand curve `(D_(2)D_(2))`