the technology for producing a good enables one firm to meet the entire market demand at a lower price than the firm has                a) decreased supply                b) decreased market demand                c) increased total cost                d) a natural monopoly 8) The demand curve in a perfectly competitive market is                a) Perfectly elastic                b) Perfectly Inelastic                c) Inelastic                d) None of the above

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter24: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 7CQ
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Subject: Menagerial economics & policy

MCQ's

6) Which market has the large number of firms

               a) perfect competition

               b) oligoply

               c) monopolistic competition

               d) Monopoly

7) If the technology for producing a good enables one firm to meet the entire market demand

at a lower price than the firm has

               a) decreased supply

               b) decreased market demand

               c) increased total cost

               d) a natural monopoly

8) The demand curve in a perfectly competitive market is

               a) Perfectly elastic

               b) Perfectly Inelastic

               c) Inelastic

               d) None of the above

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