Explain whether you agree with the following remark: According to the model of perfectly competitive markets, the
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According to the model of perfectly competitive markets, the demand curve for wheat should be a horizontal line. But this can't be true: When the price of wheat rises, the quantity of wheat demanded falls, and when the price of wheat falls, the quantity of wheat demanded rises. Therefore, the demand curve for wheat is not a horizontal line.
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The remark confuses the market demand for wheat ...View the full answer
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