The demand curve for the product of a perfectly competitive firm is
A) perfectly elastic.
B) perfectly inelastic.
C) elastic at high prices and inelastic at low prices.
D) identical to the elasticity of demand on the market demand curve.
Answer: A
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Which produces more output: a perfectly price discriminating monopoly or a single-price monopoly?
What will be an ideal response?
The above table shows Tammy's total utility from videos and CDs. If Tammy has $110 to spend on videos and CDs and if the price of a video is $10 and the price of a CD is $20, then the maximum utility Tammy can attain is
A) 1700. B) 300. C) 1580. D) 250.
What was the first federal government agency established to regulate business?
(a) The Federal Trade Commission (b) The Securities and Exchange Commission (c) The Federal Power Commission (d) The Interstate Commerce Commission
The United States was running a large balance-of-trade deficit
a. during the Depression years of the 1930's. b. in the years following World War II. c. in the early 1960's. d. from the late 1970's through the 1990's.