The demand curve facing a perfectly competitive ﬁrm is ?->(Show Answer!)

1. The demand curve facing a perfectly competitive ﬁrm is

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MCQ-> Read the passage given below and answer the following questionsFirms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions—in other words, there is free entry and exit into and out of the market.A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market.A perfectly competitive market is a hypothetical extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?Source: Principles of Economics, Download for free at http://cnx.org/content/col11613/latest.According to the passage, why is a perfectly competitive firm a price taker?
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MCQ->The demand curve facing a perfectly competitive ﬁrm is....

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MCQ-> Study the following information to answer the given questions. S, T, U, V, W, X, Y and Z are sitting in a straight line equidistant fromeach other (but not necessarily in the same order). Some of them are facing south while some are facing north. (Note : Facing the same direction means, if one is facing north then the other also faces north and viceversa. Facing the opposite directions means, if one is facing north then the other faces south and viceversa) S faces north. Only two people sit to the right of S. T sits third to the left of S. Only one person sits between T and X. X sits to the immediateright of W. Only one person sits between W and Z. Both the immediate neighbours of T face the same direction. U sits third to the left of X. T faces the opposite direction as S. Y does not sit at any of the extreme ends of the line. V faces the same direction as W. Both Y and U face the opposite direction of Z.How many persons in the given arrangement are facing North ?
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