If one were to rank the demand curve facing a firm from the least elastic to the most elastic, the ranking would be
a. monopoly, perfectly competitive, monopolistically competitive
b. monopoly, monopolistically competitive, perfectly competitive
c. perfectly competitive, monopoly, monopolistically competitive
d. monopolistically competitive, monopoly, perfectly competitive
e. perfectly competitive, monopolistically competitive, monopoly
B
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In order to be useful as a signal in a market with information asymmetry, the signal must be ________
A) easily available B) inexpensive C) unique D) difficult to obtain
Seth is a competitive body builder. He says he has to have his 12-oz package of protein powder to "feed his muscles" every day. On the basis of this information, what can you conclude about his price elasticity of demand for protein powder?
A) It is perfectly inelastic. B) The price elasticity coefficient is 1. C) It is elastic. D) It is perfectly elastic.