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The demand curve would be perfectly elastic.
Under pure competition, firms produce a homogeneous product, so there is no reason to advertise. Pure competition is also known as perfect competition.
the industry's demand curve is perfectly elastic
I need an answer what are 5 characteristics of pure competition?
The demand curve faced by a pure monopolist is of downward sloping in shape.
The demand curve would be perfectly elastic.
Under pure competition, firms produce a homogeneous product, so there is no reason to advertise. Pure competition is also known as perfect competition.
the industry's demand curve is perfectly elastic
The pure yield curve uses stripped or zero coupon Treasuries.
I need an answer what are 5 characteristics of pure competition?
The demand curve faced by a pure monopolist is of downward sloping in shape.
Pure competition, pure monopoly, monopolistic competition, and oligopoly.
The textile industry is probably the closest example to pure competition on Earth.
The textile industry is probably the closest example to pure competition on Earth.
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero Economics profits.
A monopoly involves no competition at all while pure competition involves a high level of competition.
A monopoly involves no competition at all while pure competition involves a high level of competition.