The market demand curve is downward sloping and the demand curve facing a perfectly competitive firm is Perfectly Elastic.
Perfect Competition:
Perfect competition is a market type where there are many buyers and sellers who deal with inhomogeneous products. As a result, no individual unit is able to influence the price of the product, and the firms must quote the price that is currently in effect in the market because the customers are aware of the price.
As competing firms pressure them to accept the market's current equilibrium price, a perfectly competitive firm is referred to as a price taker. The demand curve of a firm that is perfectly competitive is horizontal at the market price. As a result, every unit sold will result in it receiving the same price.
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