A perfectly competitive firm has a horizontal demand curve because it can sell as much as it wants at the market price

The first important federal law passed to regulate monopolies in the United States was the

A) Sherman Act. B) Cellar-Kefauver Act. C) Federal Trade Commission Act. D) Clayton Act.

Isoquants reflect the fact that in the long run:

a. inputs can be substituted for each other. b. a fixed set of inputs can produce different levels of output. c. inputs used in production are complementary in nature. d. different levels of input can be used to satisfy a budget constraint.