A perfectly elastic demand curve for a firm
a. is represented by a vertical line.
b. means that with every unit price increase there will be a unit decrease in demand.
c. is formulated by P × Q = a constant, for all prices and quantities.
d. indicates that any increase in price will eliminate all purchases of its product.
d
You might also like to view...
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker makes three transactions, what is his total profit?
a. $12 b. $15 c. $18 d. $21
Keynes blamed economic downturns primarily on
a. the instability of consumption. b. declines in the interest rate. c. poor government management. d. the instability of planned investment.
If the instrumental variable estimator has an upward bias, the ordinary least square estimator always has a downward bias.
Answer the following statement true (T) or false (F)
If Kobe, an NBA star athlete, earns $10 million per year but has no money in the bank, he has a
A. high income and high wealth. B. low income and high wealth. C. high income and low wealth. D. low income and low wealth.