27. If the answer is correct simply answer true, if the questions is false, answer false...
27. If the answer is correct simply answer true, if the questions is false, answer false and then explain why the question is false. Unlike a perfectly competitive firm, a monopoly faces a perfectly elastic demand curve.
Homework Answers
False,
Perfect competition is a market where profit maximization happens at price is equal to marginal revenue.
Demand curve of this market is perfect elastic since price is decided by the market forces .
so price is constant here .
But in Monopoly, the price is only decided by the seller so demand curve of monopoly is not perfectly elastic demand curve
The demand curve of monopoly is downward sloping.
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