Multiple Choice
Suppose perfectly competitive market conditions are characterized by the following inverse demand and inverse supply functions: P = 100 − 5Q and P = 10 + 5Q.The demand curve facing an individual firm operating in this market is:
A) P = 100 − 5Q.
B) a horizontal line at $9.
C) a horizontal line at $55.
D) P/N = (100 − 5Q) /N, where N is the total number of firms in the competitive market.
Correct Answer:
Verified
Correct Answer:
Verified
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