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Which of the following statements about a perfectly competitive market aretrue?I.The perfectly competitive industry faces an upward sloping labor supplycurve.II.The individual firm in a perfectly competitive industry faces a perfectly elastic labor supplycurve.A)IonlyB)IIonlyC)Both I andIID)Neither I norII

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Answer:

C)Both I and II

Explanation:

Yes, market industry equilibrium is achieved when market demand curve intersect upward sloping market supply curve.

In perfect competition wage rate are given to firm and at given wage rate labor supply curve is perfectly elastic.

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