How does pure competition demonstrate elasticity?

Sellers are in a purely competitive market and see a perfectly elastic demand. They can sell any quantity of the product at the market price.

the correct answer is history and tradition.

all of the following apply except for (a. excessive credit on real estate resulting in defaulted loans.

in 1819, panic swept the country due,in part, to the rapid expansion of american manufacturing during the war of 1812 and the distress caused by the post-war british competition. the rapid expansion of american farming was another factor.

explanation: