When the marginal revenue curve cuts the horizontal axis,
A) demand is relatively elastic.
B) demand is relatively inelastic.
C) demand is perfectly elastic.
D) demand is unitary elastic.
Question 2
In the absence of any government regulation on price, if a firm has no power to set price on its own, one can safely conclude
A) the demand curve for the firm's product is horizontal.
B) there aren't many firms in the industry.
C) the market is in long-run equilibrium.
D) the firms in this industry are not profitable.
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