1.The firm-specific demand curve shows the relationship between the charged by the firm and the                                           by the firm. 2. Consumers do not have a strong preference for...

1.The firm-specific demand curve shows the relationship between the charged by the firm and the

  by the firm.

2. Consumers do not have a strong preference for the output of one seller over that of another in a

 market because the firms sell a standardized product.

3. For a monopolist, the firm-specific demand curve is the same as the demand curve.

4. A market is made up of a large number of firms.

5. In Pakistan, the market for phone service is perfectly
because a person can enter the market with a relatively small initial investment—only $310. (Related to Application 1 on page 541.)