A value of zero for the elasticity of supply of some product implies that
A) the supply curve is horizontal.
B) supply is highly responsive to price.
C) the product will not be supplied at any price.
D) there is no supply.
E) the supply curve is vertical.
Ans: E) the supply curve is vertical.
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Changes in nominal GDP always reflect changes in real output.
Answer the following statement true (T) or false (F)
A firm that generates pollution is illustrated in Figure 9.7. The government has chosen to impose a pollution tax equal to P2. From the firm's point of view, the marginal benefit of abatement is:
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(Consider This) The feudal practice of clipping coins illustrates the idea of:
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