The Demand Curve Facing a Perfectly Competitive Firm Is

question 62

Multiple Choice

The demand curve facing a perfectly competitive firm is:

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

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Definitions:

Conditioned Response

A learned response to a previously neutral stimulus that has been repeatedly presented along with an unconditioned stimulus.

Unconditioned Response

A natural, automatic, and innate reaction to a stimulus that occurs without prior learning or conditioning.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with the unconditioned stimulus, eventually comes to trigger a conditioned response.

Unconditioned Stimulus

In classical conditioning, a stimulus that naturally and automatically triggers a response without any learning being involved.