Suppose the quantity of x is measured on the horizontal axis. If the price consumption curve is vertical when the price of x changes, then the demand for x is
A) perfectly elastic.
B) perfectly inelastic.
C) unit elastic.
D) There is not enough information to determine the price elasticity of demand for x.
B
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A price taker is a buyer or seller who:
A. has complete control over setting the market price. B. can influence the market price. C. has no control over setting the market price. D. has the goal of maximizing market share, not profits.
Which of the following is the best example of an intermediate good?
a. a new fighter jet purchased by the federal government b. tires purchased by an automobile manufacturer for installation on new cars c. a new saw purchased by a carpenter d. screwdrivers purchased by a homeowner for home repairs e. aprons purchased by restaurant chefs
The short-run supply curve in a competitive market must be more elastic than the long-run supply curve
a. True b. False Indicate whether the statement is true or false
Input demand is derived demand in the sense that it is dependent upon the productivity of the input.
Answer the following statement true (T) or false (F)