The demand schedule or curve confronted by the individual purely competitive firm is: 1. relatively elastic,...
The demand schedule or curve confronted by the individual purely competitive firm is:
| 1. |
relatively elastic, that is, the elasticity coefficient is greater than unity. |
|
| 2. |
perfectly elastic. |
|
| 3. |
relatively inelastic, that is, the elasticity coefficient is less than unity. |
|
| 4. |
perfectly inelastic. |
Which of the following is not a characteristic of pure competition?
| 1. |
price strategies by firms |
|
| 2. |
a standardized product |
|
| 3. |
no barriers to entry |
|
| 4. |
a larger number of sellers |
Homework Answers
Ans) the correct option is 2) perfectly elastic.
Ans) the correct option is 1) price strategies by firms
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The demand schedule or curve confronted by the individual purely
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