Any supply curve that is a straight line passing through the graph's origin is unit elastic
a. True
b. False
A
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Which of the following is more likely to have perfectly elastic or nearly perfectly elastic demand?
A) a textbook required for an economics course B) the guitar produced by a master craftsman C) milk produced by a Wisconsin dairy farmer D) the services offered by the only allergist in the community
Over the past century, the main factor responsible for rising living standards in the United States has been productivity growth
a. True b. False Indicate whether the statement is true or false
The demand schedule for a product shows the relationship between how much of the product buyers are willing and able to buy and the
A. cost of producing the product. B. time period, say, from one month to the next. C. buyers' incomes. D. product's price.
When an economy is closely tied to another, larger economy, floating exchange rates are usually desirable
Indicate whether the statement is true or false