In perfect competition
A) the market demand curve and the individual's demand are identical.
B) the market demand curve is perfectly inelastic while demand for an individual seller's product is perfectly elastic.
C) the market demand curve is perfectly elastic while demand for an individual seller's product is perfectly inelastic.
D) the market demand curve is downward sloping while demand for an individual seller's product is perfectly elastic.
Answer: D) the market demand curve is downward sloping while demand for an individual seller's product is perfectly elastic.
You might also like to view...
When a job order costing system is used, actual manufacturing overhead costs are debited to ________
A) expense accounts B) the Manufacturing Overhead account C) the Cost of Goods Sold account D) the Work-In-Process Inventory account
State the article in the European Community Treaty that is analogous to Section 2 of the Sherman Act
What will be an ideal response?