If the demand curve for open-heart surgery is vertical for people with serious heart conditions, then the demand for open-heart surgery is ________ with respect to price.
A. unit elastic
B. perfectly inelastic
C. inelastic
D. perfectly elastic
Answer: B
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The price of a first-class stamp in 1957 was 3 cents, and it is 49 cents in 2014. From this we know that
A) both the relative and the absolute price of first-class stamps increased from 1957 to 2014. B) the money price of first-class stamps increased from 1957 to 2014 but the absolute price of first-class stamps stayed constant. C) the money price of first-class stamps increased from 1957 to 2014 and the relative price of first-class stamps decreased. D) the money price of first-class stamps increased from 1957 to 2014, but we can't tell if the relative price of first-class stamps increased or decreased without more information.
Community Depository Institutions Advisory Council (CDIAC).
What will be an ideal response?
Transfer payments are
What will be an ideal response?
In a firm, an entrepreneur is one who
A) decides to hire or fire. B) works for the owner by running the firm. C) takes the risks associated with a business firm. D) represents the firm in legal proceedings.