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Minchanka [31]
3 years ago
5

n the theory of perfect competition, the assumptions of many buyers and sellers, the production of a homogeneous product, and th

e possession of all relevant information by buyers and sellers imply that the perfectly competitive firm a. has a demand curve that is perfectly inelastic. b. has a demand curve that is perfectly elastic. c. sets the price it wishes. d. has a demand curve that is downward sloping
Business
1 answer:
Ne4ueva [31]3 years ago
7 0

Answer:

b. has a demand curve that is perfectly elastic. c. sets the price it wishes

Explanation:

Elasticity of demand is a measure of the degree of change in quantity demanded to changes in price.

For a perfectly elastic demand it means that an infinite quantity of a product will be required by consumers at a particular price. The perfectly elastic demand curve is usually horizontal.

In perfectly competitive markets elasticity of demand is perfectly elastic because there are many buyers and sellers, production of a homogeneous product, and the possession of all relevant information by buyers and sellers.

So prices between products tend to be the same

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Further Explanation:

Rent-seeking behavior can best be described a person lobbying for a particular business or person. Many times a politician is bribed to give a that business certain legislature rules/laws in favor for that company.

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