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:

Warning Defect

A flaw in the way a product is marketed or labeled that fails to adequately warn users of potential risks or hazards associated with its use.

Food and Drug Administration

A federal agency of the United States Department of Health and Human Services, responsible for protecting and promoting public health through the control and supervision of food safety, tobacco products, dietary supplements, prescription and over-the-counter pharmaceutical drugs, vaccines, biopharmaceuticals, medical devices, and veterinary products.

Consumer Product Safety Commission

A U.S. federal agency responsible for protecting the public against unreasonable risks of injuries and deaths associated with consumer products.

National Highway Transportation Safety

A U.S. government agency that focuses on achieving the highest standards of safety on the nation's roads and highways.