A good with a horizontal demand curve has a demand
A) with an income elasticity of demand equal to 0.
B) with a price elasticity of demand equal to 0.
C) with a price elasticity of demand equal to infinity.
D) for which there are no substitutes.
C
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Using the economic way of thinking, complete the following sentence: "One person's profit is
A) a sign of sinful activity." B) the result of uncertainty." C) only a matter of luck and chance." D) another person's loss."
The high salaries paid to sports superstars in the United States are determined by
a. government regulations. b. league regulations. c. joint decisions by the club owners. d. consumer demand.
An individual firm in a perfectly competitive labor market faces: a. a downward sloping labor demand curve and an upward sloping labor supply curve. b. a horizontal labor supply curve and a vertical labor demand curve
c. a horizontal labor supply curve and a downward sloping labor demand curve. d. an upward sloping labor supply curve and a horizontal labor demand curve.
What currency is traded the least in the foreign exchange market?
a. Chinese yuan b. U.S. dollar c. European Union euro d. Japanese yen