Refer to the Figure 8.11. Assuming wool is a perfectly competitive industry, the demand curve faced by each wool producer is ________ starting at $3.00 per pound.

A) downward-sloping
B) upward-sloping
C) vertical
D) horizontal

Question

Lachie Ratcliffe · Accepted Answer

Final Answer : D, Explanation :  In a perfectly competitive market, each producer faces a horizontal demand curve at the market price, indicating that they can sell any quantity at the prevailing market price, which in this case starts at $3.00 per pound.

Refer to the Figure 8.11. Assuming wool is a perfectly competitive industry, the demand curve faced by each wool producer is ________ starting at $3.00 per pound.

A) downward-sloping
B) upward-sloping
C) vertical
D) horizontal

Definitions

Learning Objectives

Learning Objectives

Related questions

Refer to the Figure 8.11. Assuming wool is a perfectly competitive industry, the demand curve faced by each wool producer is ________ starting at $3.00 per pound.A) downward-slopingB) upward-slopingC) verticalD) horizontal

Definitions

Learning Objectives

Learning Objectives

Related questions

Refer to the Figure 8.11. Assuming wool is a perfectly competitive industry, the demand curve faced by each wool producer is ________ starting at $3.00 per pound.

A) downward-sloping
B) upward-sloping
C) vertical
D) horizontal