A ________ curve means that ________
A) horizontal demand; a change in price does not change total revenue
B) horizontal demand; the elasticity of demand is less than 1
C) horizontal supply; the elasticity of supply is infinite
D) horizontal supply; the elasticity of demand is infinite
E) vertical demand; a change in price does not change total revenue
C
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Many developing countries were once under colonial rule, a system of government that:?
The oversimplified multiplier formula assumes that the
a. level of consumption spending is fixed. b. price level is fixed. c. government spending is fixed. d. net exports depend on income.
______ revenue equals total revenue divided by the number of units of the product sold.
a. Marginal b. Percentage c. Average d. Partial