Because perfectly competitive firms are price takers, each firm faces a demand that is
A) perfectly inelastic.
B) perfectly elastic.
C) highly inelastic but never is it perfectly inelastic.
D) unit elastic.
E) highly elastic but never is it perfectly elastic.
B
Economics
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U.S. residents bear the burden of unemployment equally
a. True b. False
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If, in a competitive market, marginal benefit is greater than marginal cost
A) the net benefit to consumers from participating in the market is greater than the net benefit to producers. B) the government must force producers to lower price in order to achieve economic efficiency. C) the quantity sold is greater than the equilibrium quantity. D) the quantity sold is less than the equilibrium quantity.
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