For a vertical demand curve,
a. the slope is undefined, and the price elasticity of demand is equal to 0.
b. the slope is equal to 0, and the price elasticity of demand is undefined.
c. both the slope and price elasticity of demand are undefined.
d. both the slope and price elasticity of demand are equal to 0.
a
You might also like to view...
Who gains from international trade?
A) only the exporting nation B) only the importing nation C) both the importing and the exporting nations D) neither the importing nor the exporting nations E) The gain depends on which nation gets to keep the total revenue from the sale.
As population declines, scarcity eventually disappears
Indicate whether the statement is true or false
When cost and demand are stable over time in an industry, repetition of Prisoners' Dilemma situations
A) can yield cooperative outcomes because firms can explicitly collude to set prices. B) can yield cooperative outcomes even when firms do not explicitly collude to set prices. C) cooperative or noncooperative outcomes may occur, but cooperation is harder than when the market is unstable. D) will tend to yield noncooperative outcomes. E) will always yield noncooperative outcomes.
A monopolist always selects a price on the elastic portion of its demand curve
a. True b. False Indicate whether the statement is true or false