Which of the Following Observations Is Not True

question 199

Multiple Choice

Which of the following observations is not true?

• A)Demand curve of the perfectly competitive firm is perfectly elastic.
• B)There is only one price for a product in a perfectly competitive market.
• C)A firm in a perfectly competitive market can sell as much as it wants at market price.
• D)Demand curve of the perfectly competitive industry is perfectly elastic.

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Definitions:

Optimal Act

The most efficient or effective action to achieve a desired outcome or goal.

Posterior Probabilities

The probabilities that are computed after taking into account known or observed evidence, often used in Bayesian statistics.

Prior Probabilities

Prior probabilities are the initial estimations of the likelihood of an event, based on existing knowledge before any new evidence is taken into account.

Likelihood Probabilities

The probabilities that express the plausibility of different parameter values given a certain outcome.