The demand curve facing a perfectly competitive firm is
a. perfectly elastic
b. perfectly inelastic
c. unit elastic
d. downward-sloping
e. identical to the industry demand curve
A
Economics
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A dominant strategy
A) is one that a firm is forced into following by government policy. B) involves colluding with rivals to maximize joint profits. C) involves deciding what to do after all rivals have chosen their own strategies. D) is one that is the best for a firm, no matter what strategies other firms use.
Economics
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
Economics