In a Perfectly Competitive Market, the Demand Curve Faced by an Individual

question 1

Multiple Choice

In a perfectly competitive market, the demand curve faced by an individual firm is:

• A) perfectly inelastic.
• B) relatively inelastic.
• C) perfectly elastic.
• D) relatively elastic.

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Definitions:

Net Sales

The total revenue from sales of goods or services, minus returns, allowances, and discounts.