Because Many Good Substitutes Exist for a Competitive Firm's Product

question 642

Multiple Choice

Because many good substitutes exist for a competitive firm's product, the demand curve that it faces is

• A)unit-elastic.
• B)perfectly inelastic.
• C)perfectly elastic.
• D)inelastic only over a certain region.

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Definitions:

Qualitative Data

Data that include descriptive words, labels, sketches, or other images.

Descriptive Words

Words that are used to describe or give more information about a noun or pronoun.

Same Density

A condition where two substances have an equal mass-to-volume ratio.

Fault

A fracture along which the adjacent rock surfaces are displaced parallel to the fracture.