If the quantity supplied is the same regardless of price, then supply is
a. elastic.
b. perfectly elastic.
c. perfectly inelastic.
d. inelastic.
c
You might also like to view...
What is the opportunity cost of moving from point D to point C?
Fill in the blank: ________ is another term for a decline in real GDP is
A) Deflation. B) Inflation C) Economic growth D) Recession E) Unemployment
Economists usually assume
a. that Americans' preferences are systematically different from Europeans b. that there are some features common to the preferences of a wide variety of people c. that everyone has the same preferences d. that everyone has the same preferences that they (the economists) do e. that individuals prefer to purchases goods rather than services
When a second firm enters a monopolist's market, the initial demand curve facing the monopolist will:
A. shift to the left. B. shift to the right. C. remain the same. D. None of these