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2 months ago
Which of the following statements is TRUE about the relationship between a firm's demand curve under perfect competition and monopoly?

• Under monopoly, the demand curve is perfectly elastic; under perfect competition, the demand curve has elastic, unit-elastic and inelastic portions.

• Under perfect competition, the demand curve is perfectly elastic; under monopoly, the demand curve has elastic, unit-elastic and inelastic portions.

• We can define a demand curve under perfect competition but not under monopoly.

• The demand curves for a monopoly and perfect competition are always inelastic.
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Economics Today: The Micro View
Edition: 19th
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Under perfect competition, the demand curve is perfectly elastic; under monopoly, the demand curve has elastic, unit-elastic and inelastic portions.
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