The demand curve facing a perfectly competitive firm is:
a. perfectly inelastic.
b. perfectly elastic.
c. unit elastic.
d. downward sloping.
Question 2
Which of the following statements is true regarding the opportunity cost of time?
a. Retired people are more likely to visit supermarkets than farmers' markets.
b. Students are more likely to visit farmers' markets even during exams.
c. Working professionals are more likely to frequent convenience stores.
d. The opportunity cost of time for farmers and buyers participating in the farmers' market is usually very high.
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