The demand curve facing a perfectly competitive firm is
A) the same as the market demand curve.
B) downward-sloping and less flat than the market demand curve.
C) downward-sloping and more flat than the market demand curve.
D) perfectly horizontal.
E) perfectly vertical.
Question 2
Augustus bought his BMW convertible as a new car in 1998 and knows that it is in excellent condition. He now wants to sell it and knows that there are many other similar cars on the used car market that are lemons. As a result:
A) he should be able to sell my car at a premium price because of its excellent condition.
B) he will have to accept a lower price for his car because buyers might think that it is a lemon.
C) he will not be able to sell his car unless he offers some sort of guarantee.
D) he will get the best price for his car by selling it to a dealer.
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