A perfectly price elastic supply curve will be a(n) ________ line.
A. downward-sloping
B. vertical
C. horizontal
D. upward-sloping
Answer: C
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What will be an ideal response?
Which of the following statements is incorrect?
A. Changes in the composition of the population affect the demand for a product. B. As a greater fraction of the population becomes elderly, the demand for medical services will tend to increase. C. As the population rises, the market demand curve shifts to the right. D. None of the statements associated with this question are incorrect.
An individual's demand curve for a good is ____ her marginal utility curve for the good
a. based on b. the mirror image around the vertical axis of c. twice as steep as d. half as steep as
Technology spillover is one type of
a. negative externality. b. positive externality. c. subsidy. d. producer surplus.