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A theoretical examination of the general behavior that should be expected to be displayed by the magnitude of the dynamic resistance of a conventional illuminated photovoltaic device within the power-generating quadrant of its I-V characteristics, when measured in quasi-static conditions from the short-circuit point to the open-circuit point, at various incident illumination intensities. The analysis is based on assuming that the photovoltaic device in question may be adequately described by a simple conventional d-c lumped-element single-diode equivalent circuit solar cell model, which includes significant constant series and shunt resistive losses, but lacks any other secondary effects. Using explicit analytic expressions for the dynamic resistance, we elucidate how its magnitude changes as a function of the terminal variables, the incident illumination intensity and the model’s equivalent circuit elements’ parameters.