For purely competitive industry, a fundamental requirement of the demand cu...
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
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Discussion
Studies show that we remember only 10 - 50% of what we learn passively (e.g. by watching others do it, reading or listening) two weeks later, whereas, we remember 70 - 90% of what we learn actively (e.g. by actually doing it ourselves, speaking or writing about it). This means that posting a comment, contribution, explanation or reply here is a great way to evaluate what you know and practice active recall. This will help you learn actively and retain more. Always remember to be civil and polite. Note also that you earn XP points when you make contributions to help others learn.
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