A demand curve that is perfectly inelastic is
A. horizontal.
B. vertical.
C. at a 45 degree angle.
D. parallel to the X-axis.
B. vertical.
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How would economists interpret the following facts? Fact: Over the past two decades the relative price of new textbooks has risen dramatically. Another fact: Record numbers of new textbooks have been purchased by students over the past two decades
A) The law of demand has been violated. B) The law of supply has been violated. C) The supply and demand process in new textbooks hasn't worked correctly. D) The demand for textbooks has increased. E) The facts aren't true.
Assuming relative PPP, fill in the table below:
What will be an ideal response?
Total surplus in a market is equal to
a. value to buyers - amount paid by buyers. b. amount received by sellers - costs of sellers. c. value to buyers - costs of sellers. d. amount received by sellers - amount paid by buyers.
Which of the following is NOT true according to Say's law?
A. No overproduction is possible in a market economy in the long run. B. Desired expenditures will always be higher than actual expenditures. C. Supply creates its own demand. D. Producing goods and services generates the means and the willingness to purchase other goods and services.