Refer to the above figure. Which of the following statements is TRUE about the demand curves for an individual firm in a perfectly competitive industry and a monopoly?
A. Panel C is the demand curve for a perfectly competitive firm and panel B is the demand curve for a monopoly.
B. Panel A is the demand curve for a perfectly competitive firm and panel B is the demand curve for a monopoly.
C. Panel B is the demand curve for a perfectly competitive firm and panel A is the demand curve for a monopoly.
D. Panel C is the demand curve for a perfectly competitive firm and panel A is the demand curve for a monopoly.
Answer: A
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