INSTRUCTIONS: Select the BEST answer for each question by marking the circle next to your selection Show
This is the end of the test. When you have completed all the questions and reviewed your answers, press the button below to grade the test. Which of the following statements is correct the demand curve for a purely competitive?The correct option is (D.)
The demand curves are perfectly elastic for a purely competitive firm and a purely competitive industry.
Which of the following is supply curve of a firm in competitive market?The firm chooses its quantity such that price equals marginal cost, which implies that the marginal cost curve of the firm is the supply curve of the firm.
Which of the following is true concerning purely competitive industries?Which of the following is true concerning purely competitive industries? In the short run, firms may incur economic losses or earn economic profits, but in the long run they earn normal profits.
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