In a competitive industry, firm demand is
A)downward-sloping.
B)vertical.
C)nonexistent.
D)horizontal.
E)unchanging.

Name: In a competitive industry, firm demand is A)downward-sloping. B)vertical. C)nonexistent. D)horizontal. E)unchanging.
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Question

Quizplus · Accepted Answer

In a competitive industry, each firm faces a horizontal demand curve because the firm is a price taker due to the presence of many competitors offering similar products. This means the firm can sell any quantity of its product at the market price.

In a Competitive Industry, Firm Demand Is