The demand curve for the product of a perfectly competitive firm is
A. perfectly elastic.
B. perfectly inelastic.
C. identical to the elasticity of demand on the market demand curve.
D. elastic at high prices and inelastic at low prices.
Answer: A
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In ____ price discrimination, the monopolist charges each consumer the highest price that purchaser is willing to pay for each unit purchased (provided that this price exceeds the marginal cost of production)
a. first-degree b. second-degree c. third-degree d. a and b e. none of the above
When an economy operates efficiently,
a. the MRPs of every input into the production of a good are equal. b. marginal utility equals marginal cost for every good. c. the price of a good equals the sum of the marginal physical products of its inputs. d. All of the above are correct.
Which goes exclusively to the poor?
A. Medicaid B. Medicare C. Social Security D. Unemployment insurance benefits
Suppose you borrow $500 and agree to pay this $500 plus $75 of interest at the end of a year. The interest rate is:
A. 10 percent. B. 15 percent. C. 12.5 percent. D. 7.5 percent.