Which of the Following Statements Concerning Perfect Competition Is Not

question 52

Multiple Choice

Which of the following statements concerning perfect competition is not true?

• A)Firms are price takers.
• B)The demand curve facing the individual firm is horizontal.
• C)The firm's demand curve is identical to its marginal revenue curve.
• D)The firms produce differentiated products.
• E)If the firm raises its price,it will lose all of its customers.

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Definitions:

Trichomes

Small hair-like outgrowths on plants that serve various functions including protection against herbivores and minimizing water loss.

Parenchyma

A type of plant tissue composed of living cells that are often spacious and used for functions such as photosynthesis, storage, and tissue repair.

Ground Tissue

A type of plant tissue that fills the interior of a plant, consisting of parenchyma, collenchyma, and sclerenchyma cells, and is responsible for photosynthesis, storage, and support.

Phloem

The vascular tissue in plants responsible for the transport of organic nutrients, particularly sugar, from the leaves to other parts of the plant.