Suppose the quantity of x is measured on the horizontal axis. If the price consumption curve is vertical when the price of x changes, then the demand for x is
A) perfectly elastic.
B) perfectly inelastic.
C) unit elastic.
D) There is not enough information to determine the price elasticity of demand for x.
B
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If both the supply and demand curves shift to the left, then we can conclude that there will be a(n): a. increase in the equilibrium quantity sold. b. decrease in the equilibrium quantity sold. c. increase in the equilibrium price
d. decrease in the equilibrium price.
If a bank holds $2000 in demand deposits and the required reserve ratio is 0.15, how much can the bank lend out?
a. $2,000 b. $1,700 c. $300 d. $150 e. $2,300
A recent breakthrough in the field of genetics will allow scientists to insert into banana trees a human gene that protects against deadly childhood diseases. This is an important breakthrough for some less-developed countries because they cannot afford the traditional vaccines for these diseases. What effect might this breakthrough have on these countries' aggregate supply curves?
Which of the following is NOT a voluntary exchange?
A) Jose loses his smartphone on the way home. B) Marie buys groceries. C) Jason pays $20,000 for tuition and fees this semester. D) Emily buys a $500 plane ticket to fly from Miami to Dallas on short notice.