Which of the following statements is correct?
A) The demand curve for a perfectly competitive firm is perfectly elastic,but the demand curve for a perfectly competitive industry is downward sloping.
B) The demand curve for a perfectly competitive firm is downward sloping,but the demand curve for a perfectly competitive industry is perfectly elastic.
C) The demand curves are downward sloping for a perfectly competitive firm and a perfectly competitive industry.
D) The demand curves are perfectly elastic for both a perfectly competitive firm and a perfectly competitive industry.
Correct Answer:
Verified
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