Which of the following statements is correct?
A) The demand curve of the perfectly competitive industry is elastic as are the demand curves facing the individual firms.
B) The market demand curve of perfect competition is inelastic because the individual consumers are buying a homogeneous product.
C) The market demand curve of the perfectly competitive industry is downward sloping while the demand curve of an individual firm is horizontal with a height equal to the product price.
D) The market demand curve of the perfectly competitive industry is downward sloping, so the demand curves of the individual firms are also downward sloping.
C
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If a pair-wise majority vote was held to determine which school project gets funded and the voters' preferences are in the given table, who will be happiest if the lab and library are voted on first?
A. Ernie
B. Fiona
C. David
D. All people would be equally happy.
The employer who has the most unionized workers is the:
A. government. B. airline industry. C. trucking industry. D. auto industry.
There is now general agreement among economists regarding the sources of the U.S. productivity slowdown that occurred between 1973 and 1995
a. True b. False Indicate whether the statement is true or false
A manufacturer produces 1,000 units, regardless of the market price. For this firm, the price elasticity of supply is
a. infinity. b. zero. c. one. d. negative one.