JAMB Economics 2018 Objective — Question 13

Question 13 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2018 Objective paper, with the correct answer and a full explanation.

The demand curve for a firm operating under perfect competition is

A. Downward sloping
B. Vertical
C. HorizontalCorrect
D. Upward sloping

Explanation

A perfectly competitive firm is a price taker, so it faces a perfectly elastic (horizontal) demand curve at the market price.

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