Pure Competition: Demand Curve

7 November 2022

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5 test answers

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question

A pure competitive seller is:

answer

A "price taker"

question

What is a characteristic of a purely competitive seller's demand curve?

answer

Price and marginal revenue are equal at all levels of output.

question

Price is constant or given to the individual firm selling in a purely competitive market because?

answer

Each seller supplies a negligible fraction of total supply.

question

The demand curve in a purely competitive industry is _____, while the demand curve to a single firm in that industry is____.

answer

Down-sloping, perfectly elastic.

question

A purely competitive seller's average revenue curve coincides with:

answer

Both its demand and marginal revenue curves. you suck tyler