and false statements (Justify your Statement with reason). i. The term imperfect competition refers to every market structure besides pure competition.
and false statements (Justify your Statement with reason). i. The term imperfect competition refers to every market structure besides pure competition.
Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
Problem 4SQ
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True and false statements (Justify your Statement with reason).
i. The term imperfect competition refers to every market structure besides pure competition.
ii. The demand curve for a purely competitive industry is perfectly elastic, but the demand curves faced by individual firms in such an industry are down sloping.
iii. Fixed costs are costs that change directly with output.
iv. Normative statements are expressions of facts.
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