Multiple Choice
Which of the following statements about competitive and/or concentrated markets is true?
A) In competitive industries,demand for a firm's product is highly inelastic.
B) The demand for each employer's products in concentrated industries is highly price-sensitive.
C) The labor demand in concentrated industries is less elastic than it is in the competitive situation.
D) Wage increase can be easily passed on to customers in competitive industries.
Correct Answer:
Verified
Correct Answer:
Verified
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