Multiple Choice
If demand for a seller's product is perfectly elastic,which of the following is true?
i.The firm will sell no output if it sets the price its product above the market price.
ii.There are many perfect substitutes for the seller's product.
iii.The firm will sell no output if it sets the price its product below the market price.
A) i only
B) ii only
C) iii only
D) i and ii
E) ii and iii
Correct Answer:
Verified
Correct Answer:
Verified
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