Which of the following statements is FALSE?
A. Time is an important consideration in determining supply elasticity.
B. A horizontal supply curve is possible.
C. Price elasticity of supply can never equal 1.
D. A perfectly inelastic supply curve is a vertical line.
Answer: C
You might also like to view...
In the United States in 2014, the percentage of people with some form of health insurance was about
A) 10%. B) 36%. C) 55%. D) 90%.
Describe the difference between the simple quantity theory of money and the equation of exchange
The economic impact of the multiplier is ____, and then becomes ____.
A. slow; faster B. small; tiny C. large; smaller D. small; larger
Unemployment insurance pools risk across ________, and Social Security and Medicare pool risk across ________
A. time; age. B. the labor force; all retired people. C. the labor force; time. D. time; the labor force.