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The Perfectly Competitive Firewood Market Is Composed of 1,000 Identical

Question 58

Multiple Choice

The perfectly competitive firewood market is composed of 1,000 identical consumers and 1,000 identical firms. The table given below shows cost for one representative firm and the demand schedule for one representative consumer. The demand curve facing a single firm will be a: ​
Table 8.1


The perfectly competitive firewood market is composed of 1,000 identical consumers and 1,000 identical firms. The table given below shows cost for one representative firm and the demand schedule for one representative consumer. The demand curve facing a single firm will be a: ​ Table 8.1 ​ ​   A) horizontal line at a price of $120. B) horizontal line at a price of $100. C) vertical line at a quantity of 3 cords of firewood. D) horizontal line at a price of $60. E) vertical line at a quantity of 4 cords of firewood.


A) horizontal line at a price of $120.
B) horizontal line at a price of $100.
C) vertical line at a quantity of 3 cords of firewood.
D) horizontal line at a price of $60.
E) vertical line at a quantity of 4 cords of firewood.

Correct Answer:

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