Demand determines price entirely when

A. demand is perfectly inelastic.
B. demand is downward sloping.
C. supply is perfectly elastic.
D. supply is perfectly inelastic.


Answer: D

Economics

You might also like to view...

If the reserve ratio is 0.3 and a deposit of $1,000 is made to the bank, the bank can lend out $700

Indicate whether the statement is true or false

Economics

Consider two countries, Alpha and Beta. In Alpha, real GDP per capita is $6,000. In Beta, real GDP per capita is $9,000

Based on the economic growth model, what would you predict about the growth rates in real GDP per capita across these two countries? A) The growth rate of real GDP per capita in Alpha and Beta will be the same. B) The growth rate of real GDP per capita will be higher in Alpha than it is in Beta. C) The growth rate of real GDP per capita will be lower in Alpha than it is in Beta. D) The economic growth model makes no predictions regarding differences in growth rates of real GDP per capita across the two countries.

Economics

In economic theory, the word "demand" refers to

a. the amount people are willing to purchase at various prices. b. those wants or needs that are urgent or pressing. c. wants that are economic in character rather than social, cultural, or spiritual. d. the desire of persons for a good, regardless of whether they're willing to purchase the good.

Economics

Write the formula to find the present value of $750 to be paid in 5 years if the interest rate is 3 percent

Economics