Answer to Question #276471 in Microeconomics for Ntando

Question

Question 1

Which one of the following statements is correct? The demand for the product of a perfectly

competitive firm:

A. slopes downward from left to right.

B. slopes upward from left to right.

C. is perfectly elastic.

D. is perfectly inelastic

Answer 1

C. The demand for a product of a perfectly competitive firm is perfectly elastic.