For a PC firm this equilibrium condition occurs where the perfectly elastic demand curve equals minimum average cost.
2.
This means that an individual firm's demand curve is downward sloping, in contrast to perfect competition, which has a perfectly elastic demand schedule.
3.
Perfect competition is the only market form in which price discrimination would be impossible ( a perfectly competitive company has a perfectly elastic demand curve and has zero market power ).
4.
On the other hand, a competitive firm by definition faces a perfectly elastic demand, hence it believes \ eta = 0 which means that it sets price equal to marginal cost.
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