A perfectly inelastic demand curve is
A. a vertical line.
B. a horizontal line.
C. a line that slopes downward to the right.
D. a line that slopes upward to the right.
A. a vertical line.
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When a monopoly cuts its price to increase its sales, it experiences a loss in revenue due to the ________
Fill in the blank(s) with the appropriate word(s).
If demand is perfectly inelastic
A) then a 1% increase in price leads to a fall in quantity of greater than 1%. B) then a 1% increase in price leads to a fall in quantity of less than 1%. C) then a 1% increase in prices then quantity demanded falls to zero. D) then a 1% increase in price has no effect on quantity demanded.
If you live in a state with a returnable deposit law and you decide to throw out your empty bottles and cans, chances are that someone down the line with a higher opportunity cost than you will find them and return them for deposits
a. True b. False
_____________are unprocessed natural products used in production.
Fill in the blank(s) with the appropriate word(s).