In the above figure, which demand curve illustrates perfectly elastic demand?
A) G
B) H
C) I
D) J
D
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The more human capital workers have, the:
A. less productive they are. B. more productive they are. C. lower the value of their marginal product. D. more technology they will require for their job.
Choice architects know that whether something feels like a loss or gain often depends on how:
A. often the decision is made. B. it is structured in terms of time to make the decision. C. it is framed. D. large the outcome is.
Firm A and firm B both have total revenues of $200,000 and total costs of $250,000; firm A has total fixed costs of $40,000, while firm B has total fixed costs of $70,000. Which of the following statements are true in the short run?
A. Firm A should operate. B. Firm B should operate. C. Firm A should shut down. D. Firm B should shut down. E. both b and c
Suppose you have four choices--go to a movie, read a book, watch television, or go to a concert. You choose to go to a movie. The opportunity cost of the movie is
A) the value of the book not read. B) the value of the television program not watched. C) the value of the concert that you didn’t attend. D) the value of the activity that you would have selected if you hadn’t gone to the movie.