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Statement I: a Perfect Competitor Has a Perfectly Inelastic Demand

Question 143

Multiple Choice

Statement I: A perfect competitor has a perfectly inelastic demand curve.
Statement II: The perfect competitor's demand curve and marginal revenue curve are identical.


A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.

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