In Pure Competition, the Demand for the Product of a Single

question 116

Multiple Choice

In pure competition, the demand for the product of a single firm is perfectly

• A) elastic because the firm produces a unique product.
• B) inelastic because the firm produces a unique product.
• C) elastic because many other firms produce the same product.
• D) inelastic because many other firms produce the same product.

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Definitions:

Jean-Baptiste Lamarck

A French naturalist known for his theory of inheritance of acquired characteristics, pre-dating Darwin's theory of evolution by natural selection.

Natural Selection

The process by which genetic variations that enhance survival and reproduction become more common in successive generations of a population.

Alfred Russel Wallace

A British naturalist, explorer, geographer, and biologist, best known for independently conceiving the theory of evolution through natural selection.

Charles Darwin

A 19th-century naturalist and geologist known for developing the theory of natural selection, significantly contributing to the understanding of evolution.