If the demand curve facing a firm is sharply downward-sloping, the firm is likely to…

Economics JAMB 2003

If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be

  • a monopolistic competitor as it can have a limited influence on price
  • a monopolist as it can have a great influence on price checkmark
  • a perfect competitor as it cannot influence the market price
  • an oligopolist as it can collude with other firms to have some influence on price

The correct answer is: B

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