In a competitive industry, the demand facing an individual firm is:
A) perfectly elastic
B) inelastic
C) relatively elastic
D) perfectly inelastic
Correct Answer:
Verified
Q2: A homogeneous product is:
A) milk
B) one in
Q3: A competitive industry has the following characteristics
Q4: Market power is a characteristic of:
A) competitive
Q5: If the price of oil increases then:
A)
Q6: Biotechnology will result in:
A) higher prices for
Q7: Competitive markets are:
A) cut-throat
B) illegal in some
Q8: Perfect competition has:
A) few sellers
B) many sellers
C)
Q9: Monopolistic competition is a market structure of:
A)
Q10: Numerous sellers means that:
A) the price is
Q11: Market power allows a firm to:
A) increase
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