How does the firm-specific demand curve in a perfectly competitive market compare to that in a monopoly?
A. The firm-specific demand curve in a perfectly competitive market is horizontal. The demand curve in a monopoly is downward sloping.
B. They are the same.
C. The firm-specific demand curve in a perfectly competitive market is horizontal. The demand curve in a monopoly is upward sloping.
D. The firm-specific demand curve in a perfectly competitive market is vertical. The demand curve in a monopoly is horizontal.
Answer: A
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