We have discussed earlier the
various types of costs of a firm. Now the discussion will centre round the
various types of revenues of a firm.
While discussing the assumptions of perfect competition, we have stated that in a perfect
competition, the number of buyers and sellers is so large
that an individual buyer or an individual seller cannot
influence the market price.
Under imperfect competition,
whether it may take the form of monopoly, duopoly or oligopoly,
demand curve facing the firm is negatively inclined or we can
say its slopes downward from left to right.