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Explain the Difference Between the Slope of a Demand Curve

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Essay

Explain the difference between the slope of a demand curve for a perfectly competitive industry and the slope of a demand curve for a firm within a perfectly competitive industry.


Definitions:

Internal Cause

An explanation of behavior or events attributing to factors within a person such as personal decisions, efforts, or characteristics.

External Cause

Factors outside an individual that can lead to certain outcomes or effects.

Consistent Behavior

A pattern of actions or responses that remains uniform over time in a particular individual or situation.

Attribution

The process of explaining one's own behavior and the behavior of others.

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