The Demand Curve in a Purely Competitive Industry Is

question 64

Multiple Choice

The demand curve in a purely competitive industry is , while the demand curve to a single firm in that industry is .

• A) perfectly inelastic; perfectly elastic
• B) downsloping; perfectly elastic
• C) downsloping; perfectly inelastic
• D) perfectly elastic; downsloping

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Definitions:

Habituation

The process by which an organism becomes accustomed to a stimulus after repeated exposures, leading to a decrease in response.

Classical Conditioning

A form of learning in which an environmental stimulus becomes associated with stimuli that elicit reflex responses.

Operant Conditioning

A form of learning in which behavior increases or decreases based on environmental consequences.

Neurogenesis

The process of generating new neurons in the brain, which continues throughout life in certain areas of the brain.