Suppose that the paper clip industry is perfectly competitive. Also assume that the market price for paper clips is 2 cents per paper clip. The demand curve faced by each firm in the industry is:
a. A horizontal line at 2 cents per paper clip.
b. A vertical line at 2 cents per paper clip.
c. The same as the market demand curve for paper clips.
d. Always higher than the firm’s MC curve.
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