In pure competition, the industry demand curve is infinitely price elastic.
Correct Answer:
Verified
Q6: For an individual firm in pure competition,
Q7: In a purely competitive industry, competition centers
Q8: If a purely competitive firm is producing
Q9: The basic difference between pure competition and
Q10: The short-run supply curve slopes upward because
Q12: As long as its total revenues are
Q13: A competitive firm will produce in the
Q14: The demand curve for a purely competitive
Q15: Competitive firms are price takers largely because
Q16: Marginal revenue is the addition to total
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents