Multiple Choice
Which of the following statements is correct?
A) The demand curve for a purely competitive firm is perfectly elastic, but the demand curve for a purely competitive industry is downsloping.
B) The demand curve for a purely competitive firm is downsloping, but the demand curve for a purely competitive industry is perfectly elastic.
C) The demand curves are downsloping for both a purely competitive firm and a purely competitive industry.
D) The demand curves are perfectly elastic for both a purely competitive firm and a purely competitive industry.
Correct Answer:
Verified
Correct Answer:
Verified
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