For purely competitive industry, a fundamental requirement of the demand curve f...
Question
For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be?
Options
A)
downward sloping and price inelastic
B)
perfectly price elastic
C)
downward sloping but price inelastic
D)
perfectly price inelastic
Related Lesson: How Perfectly Competitive Firms Make Output Decisions | Perfect Competition
The correct answer is B.
More Past Questions:
Discussion
Other Subjects
- English Language
- Biology
- Government
- Mathematics
- Physics
- Chemistry
- Christian Religious Knowledge
- Commerce
- Geography
- Literature In English
- Accounts
- Agricultural Science
- General Paper
- Islamic Religious Knowledge
- History
- Further Mathematics
- Current Affairs
- Civic Education
- Computer Studies
- Yoruba
- Hausa
- Igbo
- French
- Home Economics
- Sweet Sixteen
- Fine Arts