Other things equal, the less competitive the market in which a firm sells its product, the less elastic will be its resource demand curve.

Name: Other things equal, the less competitive the market in which a firm sells its product, the less elastic will be its resource demand curve.
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In less competitive markets, firms have more pricing power and can pass on higher costs to consumers more easily, making their demand for resources (inputs) less sensitive to changes in input prices, hence less elastic.

Other Things Equal, the Less Competitive the Market in Which