The perfect competitor's demand curve is
A. perfectly elastic.
B. relatively elastic.
C. relatively inelastic.
D. perfectly inelastic.
A. perfectly elastic.
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Under conditions of perfect competition, AR and MR
a. are represented by a straight vertical line. b. diverge. c. are represented by a straight horizontal line. d. are represented by an upward sloping line.
The AA schedule shows
A) Interest rate and output pairs at which the foreign exchange market and the domestic money market are in equilibrium. B) Exchange rate and output pairs at which the foreign exchange market and the domestic money market are in equilibrium. C) Interest rate and output pairs at which only the foreign exchange market is in equilibrium. D) Exchange rate and output pairs at which only the foreign exchange market is in equilibrium. E) Exchange rate and output pairs at which only the domestic money market are in equilibrium.
Which of the following is a correct statement about the labor market?
a. Workers determine the supply of labor, and firms determine the demand for labor. b. Workers determine the demand for labor, and firms determine the supply of labor. c. Workers determine the supply of labor, and government determines the demand for labor. d. The forces of supply and demand, while present in the labor market, have nothing to balance in that market.
A firm's demand schedule for labor services
A. is independent of the demand for the firm's output. B. will not change if technology changes. C. depends on the amount of other inputs used by the firm. D. is not related to the price of the firm's output.