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moodyshaliyah01
17.09.2019 •
Business
If the market elasticity of demand for potatoes is -0.3 in a perfectly competitive market, then the individual farmer's elasticity of demand a. will also be -0.3. b. will range between -0.3 and -1.0. c. will be infinite. d. depends on how large a crop the farmer produces.
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Ответ:
The correct answer is option C.
Explanation:
A perfectly competitive firm faces a perfectly elastic demand curve. In a perfectly competitive market, there is a large number of buyers and sellers, such that no single firm is able to affects the price or output level. The demand curve faced by a single firm is a horizontal line.
The market demand curve, on the other hand, is downward sloping. So whatever be the market elasticity of demand, the elasticity of individual firm will be infinite.
Ответ: