The demand curve for an individual seller's product in perfect competition is
A) the same as market demand.
B) downward sloping.
C) vertical.
D) horizontal.
Answer: D
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"When a person has an absolute advantage in producing a good, the person necessarily has a lower opportunity cost of producing it." Is this assertion correct or incorrect? Explain your answer
What will be an ideal response?
If the price of an inferior good increases, the substitution effect encourages the consumer to purchase less of it while the income effect encourages him to purchase more of it
a. True b. False
The story in the textbook about helium, hydrogen, and the German zeppelin program is meant to illustrate the importance of
a. patents b. potential entry c. acquisition of competitors d. exclusive access to resources e. oligopoly
The executives of a firm want to find out how much the demand for their product will change in the next six months and how they should adjust their supply to deal with this. This example shows ______.
a. both normative and positive concerns b. positive concerns, but not normative concerns c. neither normative or positive concerns d. normative concerns, but not positive concerns