The Demand Curve for Each Seller's Product in Perfect Competition

question 39

Multiple Choice

The demand curve for each seller's product in perfect competition is horizontal at the market price because

• A)each seller is too small to affect market price.
• B)the price is set by the government.
• C)all the sellers get together and set the price.
• D)all the demanders get together and set the price.

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Definitions:

AFL-CIO

The American Federation of Labor and Congress of Industrial Organizations, a federation of unions that represents millions of workers in the United States.

Federation

A group or league formed by several organizations, each of which retains control over its own operations, but agrees to work together for common goals or interests.

Union Densities

A measurement indicating the proportion of workers in a specific area, industry, or country who are members of trade unions.

Southwestern States

Refers to the region of the United States that includes Arizona, New Mexico, Oklahoma, and Texas, often characterized by its distinct cultural heritage and landscapes.