Draw the demand curve for a good whose price elasticity of demand is equal to infinity. Be sure to label both axes.
What will be an ideal response?
The demand curve in the graph is a horizontal line, indicating that the quantity of the good is infinitely responsive to any change in price.
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The only type of business that faces limited liability is a corporation
Indicate whether the statement is true or false
"The United States has fallen behind Japan and most of Europe in terms of competitiveness." Do you agree or disagree? Why?
What will be an ideal response?
Cost-benefit analysis is the public sector counterpart to ____ used in private, profit-oriented firms
a. ratio analysis b. break-even analysis c. capital budgeting techniques d. economic forecasting e. none of the above
A highly oligopolized industry would have a ______ Herfindahl-Hirschman Index and a ______ concentration ratio.
A. high; high B. low; low C. high; low D. low; high