A monopolistic competitor: a. faces a perfectly elastic demand ...

[daltonest1984]

A monopolistic competitor:
 a. faces a perfectly elastic demand curve.
  b. faces an elastic demand curve.
 c. faces a unit elastic demand curve.
 d. faces an inelastic demand curve.

Question 2

Under low-cost contracting like that between beekeepers and farmers, the agreement between the two parties is not self-enforcing because:
 a. the terms of contract are laid down by a third party.
  b. the initial distribution of rights between the two parties is unequal.
  c. services and payments take place over a span of time, and either might choose to default on his obligations at some point.
  d. the contract distributes gross revenue between the two parties unequally.

[Ahnyah]

Answer to Question 1

b

Answer to Question 2

C