Assume that the demand curve for a certain good is a vertical line. This vertical demand curve illustrates the idea that:
a. consumers are unwilling to pay more than a certain price for the good.
b. the good is a complement to another good.
c. consumers are unwilling to pay less than a certain price for the good.
d. there are many substitutes for this good.
e. people will not change the quantity demanded of the good when its price is changed.
e
You might also like to view...
Workers can reduce the chance of an employer lying by
A) obtaining more information about the firm's performance. B) having a representative on the board of directors. C) requiring that employers share the cost of an economic downtown. D) All of the above.
Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good?
a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. c. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
The percentage share of income of the top quintile on curve X is
A. 27.
B. 45.
C. 55.
D. 73.
When plotted with the aggregate price level on the vertical axis and output on the horizontal axis, the long-run aggregate supply curve
A. slopes upward. B. slopes downward. C. is vertical. D. is horizontal.