A line that is perfectly elastic has an elasticity of demand of zero.
Answer the following statement true (T) or false (F)
False
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Price supports are generally used in
A) labor markets. B) industrial markets. C) housing markets. D) markets for services. E) agricultural markets.
People and organizations have to make choices about how to allocate time and money because of
a. government rules and regulations b. corporate control of our lives c. scarcity of time and money d. religious values e. unlimited resources
The increase in international trade in the United States is partly due to
a. improvements in transportation. b. advances in telecommunications. c. increased trade of goods with a high value per pound. d. All of the above are correct.
If a rise in the price of oranges from $7 to $9 a bushel increases the quantity of bushels supplied from 4,500 to 5,500 bushels, the
A) supply of oranges is elastic. B) supply of oranges is inelastic. C) demand for oranges is elastic. D) demand for oranges is inelastic.