State whether the following statements are true or false, and explain why. a. In a perfectly competitive

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State whether the following statements are true or false, and explain why.
a. In a perfectly competitive industry, the industry demand curve is horizontal, whereas for a monopoly it is downward-sloping.
b. Perfectly competitive firms have no control over the price they charge for their product.
c. For a natural monopoly, average cost declines as the number of units produced increases over the relevant output range.
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Principles of Economics

ISBN: 978-0073511405

5th edition

Authors: Robert Frank, Ben Bernanke

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