The demand curve for the product of a firm in a competitive

    1)The demand curve for the product of a firm in a competitive market is _________, and the demand curve for the product of a monopolist is _________.horizontal; perfectly inelasticperfectly inelastic; downward-slopingdownward-sloping; horizontaldownward-sloping; perfectly elasticperfectly elastic; downward-sloping2) A natural monopoly:exists when a single seller experiences lower average total costs than any potential competitor.is needed to make a profit in the long run.exists when many sellers experience lower average total costs than potential competitors do.exists when a firm has sole ownership of a natural resource.is an example of a government-created barrier.3) When firms exit a market, the _________, causing individual firms’ profits to _________.short-run market supply curve shifts right; increaseshort-run market supply curve shifts left; increaselong-run market supply curve shifts right; decreaseshort-run market supply curve shifts left; decreaseshort-run market supply curve shifts right; decrease

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