If the market for butter is perfectly competitive, then the demand curve facing a firm that produces butter will be:
A. perfectly inelastic.
B. perfectly elastic.
C. unit elastic.
D. upward sloping.
Answer: B
You might also like to view...
A situation in which one party makes a contractual agreement with a second party in the expectation that the second party will act on its behalf is known as
a. an adverse selection relation b. a signaling relation c. an authority relation d. a principal-agent relation e. a nonmarket relation
An example of a poverty trap is:
A. the malnourished not having enough energy to develop their economy. B. the uneducated not knowing how to further develop their economy. C. those who do not have basic immunizations not being healthy enough to develop their economy. D. All of these are examples of poverty traps.
What are the implications of the law of conservation of matter and energy for recycling and waste disposal?
Of the types of business organizations in the United States, sole proprietorships account for the ________ percentage of firms and the ________ percentage of profits
A) smallest; smallest B) largest; largest C) smallest; largest D) largest; smallest