A perfectly competitive firm has
a. A perfectly elastic demand curve
b. A perfectly elastic supply curve
c. A downward sloping demand curve
d. A downward sloping supply curve
a
You might also like to view...
The above figure shows the market for game day t-shirts. If the price of t-shirts is $8, then
A) the market is in equilibrium. B) there is a shortage and the price of t-shirts will rise. C) there is a shortage and the price of t-shirts will fall. D) there is a surplus and the price of t-shirts will fall. E) there is a surplus and the price of t-shirts will rise.
A consumer's budget line for food (F) and shelter (S) is represented as F = 250 - 5S. If this consumer's income increases by $10 and consumption of shelter remains unchanged, how many more units of shelter can be purchased at most?
A) 10 B) 20 C) 50 D) 2