Which of the Following Statements Is TRUE About the Relationship

question 365

Multiple Choice

Which of the following statements is TRUE about the relationship between a firm's demand curve under perfect competition and monopoly?

• A) Under perfect competition, the demand curve is perfectly elastic; under monopoly, the demand curve has elastic, unit-elastic and inelastic portions.
• B) Under monopoly, the demand curve is perfectly elastic; under perfect competition, the demand curve has elastic, unit-elastic and inelastic portions.
• C) The demand curves for a monopoly and perfect competition are always inelastic.
• D) We can define a demand curve under perfect competition but not under monopoly.

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Definitions:

Distribution

Refers to how values in a data set are spread or dispersed, indicating the frequency of each value or range of values.

Pie Chart

Figure that uses a circle divided into proportions to represent the percentage of the sample corresponding to each value of a variable.

Frequency Polygon

A graphical representation of a frequency distribution with line segments connecting points directly above class midpoint values on the horizontal axis.

Histogram

Figure that uses connected bars to represent the frequency of each value of a variable.