A perfectly inelastic supply curve is
A) an upward sloping straight line that intersects the origin.
B) horizontal.
C) vertical.
D) downward sloping.
Answer: C
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A system for studying strategic behavior in economics is called
a. decision science. b. political economy. c. game theory. d. solution concepts.
The defining feature of business cycles is that they
A) are inherently bad. B) represent the underlying trend of real GDP in the economy. C) are fluctuations about trend in real GDP. D) measure prospects for future growth in the economy.
If consumers are identical, then
A) price discrimination is impossible. B) price discrimination can occur if each consumer has a downward-sloping demand curve for the product. C) perfect price discrimination is the only form of price discrimination that can increase a monopoly's profit. D) tie-in sales cannot increase a monopoly's profit.
Which of the following goods is NOT a likely component of the Consumer Price Index?
A) Hamburger B) 87 octane gasoline C) Structural steel beams D) Movie tickets