If a firm produces a product that has easily available variable inputs, its supply curve will be:Question 6Answera.perfectly inelastic.b.relatively steep.c.relatively flat.d.perfectly elastic.Clear my choice

The supply curve of a perfectly competitive firm is _______________________.in the short_runQuestion 4Answera.unitary elasticb.perfectly inelasticc.perfectly elasticd.elastic

In a perfectly competitive market the demand curve faced by an individual firm is: Group of answer choicesperfectly inelastic.relatively inelastic.perfectly elastic.relatively elastic.

What characterizes a relatively elastic supply?

If a supply curve is elastic then:(a) The elasticity coefficient is equal to infinity;(b) The supply curve for the good is vertical;(c) The elasticity coefficient is greater than 1;(d) Both (b) and (c) above are correct.A10. Demand is likely to be more elastic due to all but one of the following:(a) There are many close substitutes for the product available;(b) Consumers spend a very small proportion of their income on theproduct;(c) Consumers have a long period of time to adjust to the new prices;(d) The product is a final product rather than an intermediate product.

In perfect competition, the demand curve for an individual’s firm product is _________.Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.adownward slopingbrelatively elasticcperfectly inelasticdperfectly elastic