If Consumers View the Output of Any Firm in a Market

question 64

Multiple Choice

If consumers view the output of any firm in a market to be identical to the output of any other firm in the market,the demand curve for the output of any given firm

• A) will be identical to the market demand curve.
• B) will be horizontal.
• C) will be vertical.
• D) cannot be determined from the information given.

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Definitions:

Values

Ideas about what is right or wrong, good or bad, desirable or worthy in a particular group; they express what the group cherishes and honors.

Working-Class People

Individuals who perform manual labor or are employed in low-wage jobs, often characterized by economic and social position.

Upper-Class People

Individuals or groups that occupy the highest social and economic positions in a society.

Leisure Time

Periods of time free from work or duties, during which individuals can pursue activities they enjoy for relaxation or pleasure.