When There Are Many Buyers and Sellers of a Good

question 78

Multiple Choice

When there are many buyers and sellers of a good and the product sold is identical across firms,:

• A) the demand curve for each firm's output is somewhat elastic.
• B) the industry demand curve is somewhat elastic.
• C) the demand curve for each firm's output is perfectly inelastic.
• D) the industry demand curve is perfectly inelastic

---

Definitions:

Attitude

Attitude pertains to a person's settled way of thinking or feeling about something, often reflected in their behavior.

Communication Skills

The ability to convey or share information effectively through speaking, writing, or another medium.

Reading Skills

The ability to interpret, understand, and derive meaning from written texts.

Oral Communication

The process of verbally expressing ideas and information, significant in legal contexts for arguments, presentations, and negotiations.