Multiple Choice
A firm in a ______________ faces a __________ demand curve.
A) perfectly competitive market;perfectly inelastic
B) perfectly competitive market;perfectly elastic
C) monopoly market;perfectly elastic
D) monopoly market;horizontal
Correct Answer:
Verified
Correct Answer:
Verified
Q22: The main reason(s)firms in a competitive market
Q23: A sudden fall in the market demand
Q24: According to the indifference principle,in the long
Q25: Monopoly firms manage to earn positive profits,even
Q26: All these are characteristics of a monopoly
Q28: In the long run,in a competitive industry<br>A)economic
Q29: In a competitive industry<br>A)firms produce a product
Q30: In a perfectly competitive market industry,firm's prices
Q31: Two cities A&B are deciding upon joint
Q32: Two cities A&B are deciding upon joint