Which of the following describes the difference between the demand faced by a fi
ID: 1216082 • Letter: W
Question
Which of the following describes the difference between the demand faced by a firm and the demand faced by an industry? A. the demand facing individual firms tend to be more price-elastic than those for the entire industry. B. the elasticity of demand for a firm and for an industry is the same. C. the demand facing individual firms tend to be less price-elastic than those for the entire industry. D the income elasticity of demand faced by a firm is higher than the income elasticity of demand faced by and industry
Explanation / Answer
A. the demand facing individual firms tend to be more price-elastic than those for the entire industry.
A firm demand is price elastic.Firms tend to produce particular good which which make the entire industry for the production of good.
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