MicroEcon 7&822.The demand curve for an individual perfectly competitive firm:A)is a downward sloping demand curve.B)is perfectly elastic.C)is perfectly inelastic.D)is equal to the firms average variable cost curve.23.In a perfectly competitive market, individual firms set:A)prices and quantities.B)neither prices nor quantities.C)quantities but not prices.D)prices but not quantities.24.Which industry best illustrates a perfectly competitive
market?A)automobile industryB)soft drink industryC)public utility25.Profit maximizing firms will always operate where:A)MC = MR.B)MC > MR.C)MC < MR.D)It will vary from firm to firm.26.When a firm experiences economies of scale:A)average...