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Sunny_sXe [5.5K]
3 years ago
6

QUESTION 25 A perfectly competitive firm faces a __________ demand curve. a. downward-sloping b. unit-elastic c. nonlinear d. pe

rfectly elastic e. perfectly inelastic
Business
1 answer:
Alexus [3.1K]3 years ago
5 0

Answer:

The correct answer is letter "D": perfectly elastic.

Explanation:

Perfect Competition is a theoretical market system where competition is at its highest level as possible. Perfectly competitive markets are characterized by:

  • <em>All companies offer an equivalent product.</em>
  • <em>All companies are price takers.</em>
  • <em>All companies have a fairly small market share.</em>
  • <em>Buyers have full quality and pricing knowledge.</em>
  • <em>The company has low barriers or no barriers to entering and leaving an industry .</em>

<em>Plotted in a graph, perfectly competitive goods have a horizontal curve. This is because at any given price any quantity can be demanded. Thus, the curve of perfectly competitive firms is </em><u><em>perfectly elastic</em></u><em>.</em>

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