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37) For perfect competition to arise, it is necessary that market demand be A) perfectly elastic. B) inelastic. C) small relative to the minimum efficient scale of a single firm. D) large relative to the minimum efficient scale of a single firm. E) elastic.

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Related questions

If there is no product differentiation at​ all, then the individual firm has a demand curve that is
Β 
A. Perfectly inelastic and identical to the firm in perfect competition.
B. Slightly downward sloping and identical the firm in monopolistic competition.
C. Perfectly elastic and identical to the firm in perfect competition.Β 
D. Unit elastic and identical to the firm in perfect competition.
If there is no product differentiation at​ all, then the individual firm has a demand curve that is
Β 
A. Perfectly inelastic and identical to the firm in perfect competition.
B. Slightly downward sloping and identical the firm in monopolistic competition.
C. Perfectly elastic and identical to the firm in perfect competition.Β 
D. Unit elastic and identical to the firm in perfect competition.

The smallest quantity of output at which long-run average cost is at a minimum is a firm's OA. minimum efficient scale OB. profit-maximizing output point OC. efficient output point OD. maximum efficient scale In a market in which the smallest output at which long-run average cost reaches its lowest level is large relative to market demand, the market is OA. perfectly competitive OB. either an oligopoly or monopoly OC. experiencing growth OD. monopolistically competitive

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