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What does the perfect competition industry demand curve look like?

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What does the perfect competition industry demand curve look like?

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  1. A normal (bell shaped) curve.


  2. horizontal.

  3. The demand curve for an individual firm is horizontal- this is because consumers cannot differentiate between firms, thus firms are price takers.

    The demand curve for the industry is a normal downward sloping curve (unless it's a specific market with a different demand- veblen goods, etc)
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