In pure competition, the demand for the product of a single firm is perfectly
A)elastic because the firm produces a unique product.
B)inelastic because the firm produces a unique product.
C)elastic because many other firms produce the same product.
D)inelastic because many other firms produce the same product.

Question

Quizplus · Accepted Answer

In pure competition, the demand for the product of a single firm is perfectly elastic because there are many other firms producing the same or very similar products, making it easy for consumers to switch from one firm's product to another without any significant difference in quality or price.

In Pure Competition, the Demand for the Product of a Single