The Demand Curve for a Perfectly Competitive Industry Is

question 283

Multiple Choice

The demand curve for a perfectly competitive industry is

• A) perfectly elastic.
• B) downward sloping.
• C) perfectly inelastic.
• D) unit elastic.

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Definitions:

Capital Expenditure

Resources deployed by a business to buy, enhance, and manage material assets, including real estate, manufacturing facilities, or devices.

Debit

Amount entered on the left side of an account.

Expense Account

An accounting entry that represents consumption of assets, decrease in owners' equity, or incurrence of liabilities during a period as a result of operational activities.

Asset Account

A classification within financial accounting that reports the value of a company's long-term resources, such as property, equipment, and intellectual property.