Pure Competition: Demand Curve
A pure competitive seller is:
A "price taker"
What is a characteristic of a purely competitive seller's demand curve?
Price and marginal revenue are equal at all levels of output.
Price is constant or given to the individual firm selling in a purely competitive market because?
Each seller supplies a negligible fraction of total supply.
The demand curve in a purely competitive industry is _____, while the demand curve to a single firm in that industry is____.
Down-sloping, perfectly elastic.
A purely competitive seller's average revenue curve coincides with:
Both its demand and marginal revenue curves. you suck tyler
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