The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm Question 1Select one: a. faces perfectly elastic demand for its product. b. produces a perfect substitute for the other products in the industry. c. has market power. d. produces a complementary good. firm with market power has a demand curve that slopes downward; this implies that Question 3Select one: a. the selling price of the current unit must be set equal to the selling price of the previous unit sold. b. it must continually lower price on successive units in order to continue selling. c. price is less than marginal revenue. d. marginal revenue is greater than marginal cost