For a perfectly competitive market, the shape of the ________ is horizontal while the _________
ECONOMICS
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For a perfectly competitive market, the shape of the ________ is horizontal while the _________ is downward sloping
- A) industry
- B) firm
- C) firm
- D) industry
Correct Answer: C) firm
Explanation
This Economics question is asking about the shape of curves in a perfectly competitive market. The options are about the shape of the demand and supply curves.
In a perfectly competitive market, there are many buyers and sellers who are all selling identical products, and there are no barriers to entry or exit. This means that no individual seller or buyer has any control over the market price.
The correct answer to this question is Option C: firm
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