Exhibit 8.1

-Refer to Exhibit 8.1,which shows a firm's demand in wheat markets.This firm is said to be a(an)_____

Name: Exhibit 8.1 -Refer to Exhibit 8.1,which shows a firm's demand in wheat markets.This firm is said to be a(an)_____
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Question

Exhibit 8.1
 
-Refer to Exhibit 8.1,which shows a firm's demand in wheat markets.This firm is said to be a(an)_____

Quizplus · Accepted Answer

The firm's demand curve in Exhibit 8.1 is a perfectly elastic horizontal line, indicating that the firm operates in a highly competitive market and has no control over the price of wheat. Therefore, it is a price taker.

Exhibit 8.1 -Refer to Exhibit 8.1,which Shows a Firm's Demand in Wheat