Examlex
An entrepreneur does all of the following EXCEPT
Industry
A group of companies or businesses that produce the same products or services and are involved in the same type of economic activity.
Perfect Competitor's Demand Curve
A horizontal line reflecting a perfectly elastic demand situation where the firm can sell any quantity at the prevailing market price.
Perfectly Elastic
Describes a situation where the quantity demanded or supplied responds infinitely or extremely to changes in price.
Highly Inelastic
Describes demand that is hardly responsive to changes in price, typically for necessities where consumption does not decrease significantly with a price increase.
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