The horizontal demand curve facing an individual firm in a perfectly competitive market:
A) violates the law of demand, which states that demand curves slope downward.
B) is a reflection of the firm's small size relative to the total market.
C) is maintained only with the help of high barriers to entry.
D) is a reflection of the inelastic demand for its product.
Correct Answer:
Verified
Q45: Exhibit 12-1 Q46: If a profit-maximizing firm finds that price Q47: Exhibit 12-1 Q48: If a profit-maximizing firm finds that price Q49: In the short run,if a firm's price Q51: In a perfectly competitive industry,influence over price Q52: Which of the following is most likely Q53: Farmer Brady sells wheat in a market Q54: When the marginal cost of a price-taking Q55: "I'm losing money,but since my fixed costs
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