Suppose that each serving of Mac amp; Cheese costs $0.50 to make no matter how many servings are produced. This means that the price elasticity of supply for Mac amp; Cheese is ________ and the supply curve is ________.
A. infinite; perfectly inelastic
B. one; perfectly inelastic
C. infinite; perfectly elastic
D. zero; perfectly elastic
Answer: C
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Using an equation, explain why governments prefer to avoid excessive current account surpluses?
What will be an ideal response?
Consumer surplus is the:
a. amount by which the quantity supplied of a good exceeds the quantity demanded of a good. b. measure of consumes' willingness to buy a good plus the price of the good. c. measure of how much consumers value a good. d. amount consumers are willing to pay for a good minus the amount the consumers actually pays for it.
Which term describes an especially lengthy and deep recession?
a. peak b. depression c. recession d. trough
The low-income countries in the world, many of them located in Africa and Asia, often have GDP per capita of less than __________ per year.
a. $30,000 b. $10,000 c. $5,000 d. $2,000