Question

Which of the following is not a characteristic of a perfectly competitive firms demand curve? i. it lies above the firms marginal revenue curve ii. it is perfectly inelastic at all prices iii. it is the same as the market demand curve iv. it is the same as the firms average revenue and marginal revenue curves

Answer 1

What isn't characteristic of a perfectly competitive firms demand curve would be that it would be perfectly inelastic at all pricess.

Having elastic prices at least to a certain extent is a very important and central concept in business and economics.