For a perfectly competitive firm,
a. demand is perfectly inelastic.
b. demand is perfectly elastic.
c. producers must lower the price of its product in order to sell additional units of the product.
d. price equals marginal revenue only for the first unit of the good produced and sold.

Diamond motor car company produces some of the most luxurious and expensive cars in the world. typically, only a single dealership is authorized to sell its cars in certain major cities. in less populous areas, diamond authorizes a single dealer for an entire state or region. the manufacturer of diamond automobiles is using a(n) distribution strategy for its product.