The market demand curve for a perfectly competitive industry is typically

Name: The market demand curve for a perfectly competitive industry is typically
Brand: Quizplus
Rating: 4.9 (55 reviews)

Question

Quizplus · Accepted Answer

The market demand curve for a perfectly competitive industry is typically downward sloping. This is because as the price of a good or service increases, consumers demand less of it. As such, in a perfectly competitive market, firms must lower their price to sell more units, resulting in a downward sloping demand curve for the industry as a whole.

The Market Demand Curve for a Perfectly Competitive Industry Is