The price elasticity of demand for a vertical demand curve is:
A. perfectly elastic.
B. perfectly inelastic.
C. unitary elastic.
D. elastic.
Answer: B
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Since most people would be willing to pay far more for a cup of diamonds than for a cup of water,
A) diamonds provide more satisfaction to most people than water provides. B) most people are irrational when it comes to prestige or status goods. C) most people wrongly think they value diamonds more highly than water. D) people's choices and preferences are often inconsistent. E) very few people are ever in danger of dying of thirst.
A price floor is the minimum price that consumers have to pay for a particular product
a. True b. False Indicate whether the statement is true or false
Income per person in the United States is approximately ____ that of Sierra Leone, Malawi, and Niger, three of the world's poorest countries
Fill in the blank(s) with the appropriate word(s).
Refer to the accompanying figure. A decrease in supply is represented by a shift from:
A. curve B to curve A. B. curve D to curve C. C. curve C to curve D. D. curve A to curve B.