A perfectly competitive firm faces a demand curve that is

A) horizontal.
B) vertical.
C) perpendicular to the quantity axis.
D) perfectly inelastic.


Answer: A

Economics

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If an economy's population grows at 3 percent and GDP grows at 4 percent, then:

a. per capita real GDP is declining. b. the economy's standard of living is decreasing. c. per capita real GDP is negative. d. per capita real GDP is growing. e. the economy is experiencing unemployment.

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Elected officials never care about the wishes of the voting public and govern using their own value system.

A. True B. False C. Uncertain

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Exhibit 8-11 A firm's cost and marginal revenue curves In Exhibit 8-11, when the price is $5, the firm:

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