Economics · Demand and Supply
An individual wheat farmer in a perfectly competitive market cannot charge a higher price than the market rate because buyers can easily purchase identical wheat from others. The demand curve faced by this individual farmer is:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Perfectly inelastic
- 2Perfectly elastic✓
- 3Downward sloping
- 4Kinked
Correct answer
Perfectly elastic
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