Refer to the graph shown. Which supply curve is unit elastic?
A. A
B. B
C. C
D. D
Answer: B
You might also like to view...
If producers incorrectly set the price of their product too high a:
A. shortage will result and consumers will bid the price down to equilibrium. B. surplus will result and excess goods in inventory will signal to producers to lower their prices. C. shortage will result and consumers will bid the price up to equilibrium. D. surplus will result and excess goods in inventory will signal the producers to restrict output until sales increase.
In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?
a. Short-run average variable cost. b. Long-run average total cost. c. Short-run marginal cost. d. Short-run average total cost.
Which of the following will not shift the aggregate demand curve to the right?
A. consumers becoming more optimistic about the future B. an increase in government spending C. business optimism increases D. consumers become pessimistic about the future
There is a trade-off between unemployment and inflation when the aggregate
A. Supply curve is upward-sloping. B. Supply curve is vertical. C. Demand curve is upward-sloping. D. Supply curve is downward-sloping.