A perfectly cometitive firm is likely to have its elasticity value a). be in the inelastic...
A perfectly cometitive firm is likely to have its elasticity value
a). be in the inelastic range
b). be equal to one in absolute value
c). be equal to infinity in absolute value
d). be equal to zero
Homework Answers
Answer - C) be equal to infinity in absolute value
In perfect competition market, the price is determined by industry. The firms are price takers. So the demand curve of the firm will be horizontal parallel to output axis. In this case the elasticity will be infinite. When the demand curve is a straight horizontal line, the price elasticity will be infinity. It is also called perfectly elastic demand.
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