Consider a perfectly competitive market where the demand curve faced by a firm is perfectly elastic ...........

Economics (CUET) Theory of firm under perfect Competition

Consider a perfectly competitive market where the demand curve faced by a firm is perfectly elastic. What does this imply? 1: The firm can sell any quantity at the market price. 2: The firm must lower prices to increase sales. 3: The firm faces significant competition. 4: The firm's average revenue decreases with increased sales.

1 only

2 and 3 only

3 only

1, 2, and 4 only

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