The demand curve for a perfectly competitive firm is , while the demand curve for a monopolist is .

Question options

A) downward sloping; downward sloping B) downward sloping; horizontal C) horizontal; downward sloping D) horizontal; horizontal E) downward sloping; upward sloping

Answer

B) downward sloping; horizontal

Explanation:

The demand curve in a perfectly competitive firm is downward sloping because it is perfectly elastic since each price change results in a corresponding change in the demand quantity.

The demand curve of a monopolist is horizontal since it is perfectly inelastic meaning a price change such as an increase or decrease in price will not cause a change in quantity demanded.

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