Which of the following observations is not true?
A. Demand curve of the perfectly competitive firm is perfectly elastic.
B. There is only one price for a product in a perfectly competitive market.
C. A firm in a perfectly competitive market can sell as much as it wants at market price.
D. Demand curve of the perfectly competitive industry is perfectly elastic.
Answer: D
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A. ATM machines are introduced. B. real income increases. C. the nominal interest rate increases. D. the price level decreases.
Most U.S. currency held outside the U.S. banking system is held by foreigners
Indicate whether the statement is true or false
Elasticity of demand will ____ as the availability of substitutes ____
a. increase; decreases b. decrease; increases c. increase; increases d. remain unchanged; decreases
Like physical capital, human capital is a produced factor of production
a. True b. False Indicate whether the statement is true or false