Which of the following statements about a purely competitive market is FALSE?
A) An individual seller can sell as much or as little as it wants at the price set in the market.
B) The market demand curve and the demand curve for any individual sellers' product are both downward sloping.
C) When the equilibrium price in the market decreases, the demand curve for an individual seller's product shifts downward.
D) The entire production of any one firm represents "a drop in the bucket" when compared with total production in the market.
Correct Answer:
Verified
Q26: An individual purely competitive seller has:
A) no
Q27: An individual seller in a purely competitive
Q28: The price a purely competitive seller can
Q29: An individual purely competitive seller can sell:
A)
Q30: In pure competition, the market demand curve
Q32: A purely competitive seller's demand curve for
Q33: A decrease in the equilibrium price in
Q34: If there is an increase in market
Q35: An increase in the number of buyers
Q36: The demand curve for an individual purely
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