A demand relationship that is a vertical line up from the quantity axis is
A. unit-elastic.
B. perfectly inelastic.
C. somewhat elastic.
D. perfectly elastic.
Answer: B
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A free rider is a person who ________
A) can produce a good at a very low cost B) only consumes products provided by the government C) receives the benefit of a good without paying for it D) purchases products available for discounts
The St. Louis Federal Reserve Bank econometric model indicates that crowding out
A) is only partial. B) never occurs. C) occurs only in highly unusual circumstances. D) is complete.
In the Friedman-Phelps analysis, when inflation is less than expected, the unemployment rate is less than the natural rate
a. True b. False Indicate whether the statement is true or false
In Figure 8.10, airline Fly Smart is initially a secure monopoly between two cities X and Y at point M, serving 300 passengers per day at the profit-maximizing price of $300 per ticket. Suppose that Fly Smart discovers that a second airline is contemplating entering the market. If the minimum market entry quantity is 130 passengers per day, what price should Smart Fly charge to secure the entry-deterring quantity?
A. $300 B. $220 C. $180 D. $100