The market demand curve for a perfectly competitive industry __.Multiple choice question.slopes downwardis perfectly inelasticis perfectly elasticslopes upward
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Solution 1
The market demand curve for a perfectly competitive industry slopes downward. This is because as the price of a good or service decreases, the quantity demanded by consumers increases, and vice versa. This relationship between price and quantity demanded is known as the law of demand. Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem. Knowee AI is
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