In pure competition, the demand for the product of a single firm is perfectly

A) elastic because the firm produces a unique product.
B) inelastic because the firm produces a unique product.
C) elastic because many other firms produce the same product.
D) inelastic because many other firms produce the same product.

Pure Competition

A market structure characterized by a large number of small firms producing identical products with no single firm influencing the market price.

Perfectly Elastic

Describes a demand or supply situation where quantity demanded or supplied changes by an infinite amount in response to any change in price.

Unique Product

A product that is distinctive and has no exact substitutes in the market, often giving its producer a competitive advantage.