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Economics

1. The demand curve for the perfect competitor is horizontal because

A: demand is perfectly inelastic

B: the market dictates each firm's price

C: the firm is price maker

d: None of the above

2. For each example below, identify which statement is not characteristic of a perfectly competitive industry.

a: one firm produce a large portion of the industry's total output

b: there are many firms in the industry

c: their products are indistinguishable

d: firms can easily exit and enter the industry

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91228406

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