Facing a demand curve by purely competitive firm

A purely competitive firm faces a demand curve which is: (1) perfectly inelastic. (2) upward sloping. (3) perfectly elastic. (4) a vertical line. (5) downward sloping.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

View Complete Question

Related Questions in Microeconomics

Q : External firms enter the industry When

When most firms in a monopolistically competitive industry currently realize economic profits: (w) a natural monopoly will eventually emerge. (x) external firms will enter the industry. (y) long run accounting profits must be zero. (z

Q : Absolute values in price elasticity The

The form of elasticity which economists commonly state like an absolute value since this is classically negative is the: (1) price elasticity of supply. (2) income elasticity of demand. (3) price-cross elasticity of supply. (4) price-

Q : Labor Unions and Antitrust The legality

The legality of trade unions as the labor monopolies and illegality of the monopolies in product markets is most rationally described by the: (i) Trade union’s interest in the social welfare and firm’s interest only in gains. (ii) Number of people who adva

Q : Determine total cost of

This profit-maximizing competitive firm's total cost as TC=TFC+TVC, as in demonstrated figure can be calculated as area: (i) 0P3fq4. (ii) P2P1de. (iii) P3P2ef. (iv) 0P<

Q : Transactions increment and moves in

Transactions increase and demand prices move below supply prices while a good turns into: (w) subsidized by the government. (x) subject to a high sales tax. (y) more technologically advanced. (z) a complementary by pr

Q : Arising of natural monopolist Natural

Natural monopolies arise due to: (w) artificial barriers to entry. (x) contestable markets. (y) price discrimination. (z) natural barriers to entry. I need a good answer on the topic of Economics p

Q : Market structure in an automotive

What type of a market structure in an automotive industry?

Q : Vigorously competitive market

Economic rents which can be capitalized are least possible to arise by: (1) production cost advantages. (2) proprietary knowledge. (3) being first to market a differentiable new product or to innovate a new production technology. (4) a vigorously comp

Q : Present Value of Annual Interest Rate

When the annual interest rate is 11 percent and a small office building can be expected to lease perpetually for price of $33,000 annually, the building and also the land it sits onto have a present value of approximately: (1) $363,00

Q : Economies of scale in natural monopoly

Economies of scale which are substantial relative to market demand result within the market evolving to a: (w) contestable market. (x) collusive oligopoly. (y) natural monopoly. (z) "high tech" industry.

Discover Q & A

Leading Solution Library

Avail More Than 1441075 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1949178
Asked

3,689

Active Tutors

1441075

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment