In perfect competition, each individual firm faces ________ ...

[Beheh]

In perfect competition, each individual firm faces ________ demand curve.
 
  A) an inelastic
  B) an upward sloping
  C) a perfectly elastic
  D) a downward sloping

Question 2

The above table gives the demand schedule for Billy Bob's BBQ ribs. The price elasticity of demand for Billy Bob's ribs over the price range of 3 to 1 is equal to
 
  A) 4.00.
  B) 2.00.
  C) 0.50.
  D) 0.25.

[fauacakatahaias]

Answer to Question 1

C

Answer to Question 2

D

[Beheh]

Thanks for the timely response, appreciate it

[phuda]

YES! Correct, THANKS for helping me on my review