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Explain why the demand curve for the market is downward sloping but is horizontal or completely elastic for an individual firm.

Explain why the demand curve for the market is downward sloping but is horizontal or completely elastic for an individual firm.
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Explain why the demand curve for the market is downward sloping but is horizontal or completely elastic for an individual firm.

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User Andrew Prock
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1 Answer

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An entire industry (all firms producing a particular product) can affect price by changing industry output.
answered
User Jason Hall
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