If the demand curve for a product was vertical, then the elasticity of demand would be:
a. equal to zero
b. equal to one.
c. greater than one, but less than infinity.
d. equal to infinity.
a
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If the quantity desired of something exceeds the amount available at zero price, that item is called
A) capital. B) an economic good. C) an intangible good. D) a bad.
The table below shows a firms cost for range of quantity. Find the value of X? Q TC ATC MC 100 500 5 X 120 720 6
a. 11 b. 20 c. 1 d. 220 e. None of the above.
A currency has depreciated in value if it takes more of a foreign currency to buy it
Indicate whether the statement is true or false
Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. Assume that a store is giving oysters and beers away for free. Consumers can have as many beers and oysters (by the dozen) as they want, but the food has to be consumed one unit at a time. If Tyler has already had one beer and two dozen oysters, then Tyler should
A. consume neither another beer nor another dozen oysters to maximize his utility. B. be indifferent between consuming the second beer or the third dozen oysters. C. next consume a beer to maximize his utility. D. next consume a dozen oysters to maximize his utility.