Multiple Choice
Which of the following is a unique feature of perfect competition?
A) An individual firm cannot earn economic profit in the long run.
B) It is easy for new firms to enter the industry.
C) The market demand curve slopes downward.
D) The demand curve facing an individual firm is perfectly elastic.
E) The firms in the industry produce differentiated products.
Correct Answer:
Verified
Correct Answer:
Verified
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