Perfectly elastic demand curve
Problem: Explain why the demand curve facing a perfectly competitive firm is assumed to be perfectly elastic? (i.e. horizontal at the going market price). Just 1 or 2 sentences needed.
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Task: I'm having a little trouble fully grasping the price-taker firm concept. I understand that there are two features of the demand facing a firm will ensure that the firm must act as a price taker:
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Explain why the demand curve facing a perfectly competitive firm is assumed to be perfectly elastic? (i.e. horizontal at the going market price). Just 1 or 2 sentences needed.
Discuss the advantages and disadvantages of consumer-generated marketing. Your response should be at least 300 words in length and in paragraph form. All sources used, including the textbook, must be cited and referenced according to APA style.
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Task: Consider a firm that has just built a small plant, which cost $4,000. Each unit requires $2.00 worth of materials. Each worker costs $7.00 per hour.
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