Asked by
Charity Maynard
on Nov 04, 2024
Verified
A firm facing a ________ demand curve, ceteris paribus, will have zero quantity demanded if it raises its price above the market price.
A) perfectly inelastic
B) relatively elastic
C) relatively inelastic
D) perfectly elastic
Perfectly Elastic
Describes a situation where the quantity demanded or supplied responds infinitely or by unlimited quantity to any change in price, represented graphically as a horizontal line.
Quantity Demanded
The amount (number of units) of a product that a household would buy in a given period if it could buy all it wanted at the current market price.
- Assess the unique attributes that mark perfectly competitive markets as different from other forms of market structures.
Verified Answer
CB
Learning Objectives
- Assess the unique attributes that mark perfectly competitive markets as different from other forms of market structures.
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