Because market price remains constant as a perfectly competitive firm expands output, each firm faces
a. a downward-sloping demand curve
b. a horizontal demand curve
c. constant returns to scale
d. constant costs
e. diminishing marginal revenue
B
Economics
You might also like to view...
Which of the following shifts the aggregate supply curve rightward? i. The money wage rate rises. ii. Potential GDP increases. iii. Government expenditure on goods and services increases
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
Economics
A normal good is a good for which the demanded decreases as income decreases, holding everything else constant
Indicate whether the statement is true or false
Economics