A perfectly elastic demand is one in which the:
A. demand curve is perfectly vertical.
B. demand curve is perfectly horizontal.
C. price elasticity is exactly 1.
D. response to a change in price is immediate.
B. demand curve is perfectly horizontal.
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On the benefit side of the analysis, briefly describe two distinct benefits to society that are relevant to a risk-benefit analysis of pesticides.
Suppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Your team decides to use risk-benefit analysis as its risk management strategy.
The average cost curve shows the total cost divided by quantity produced for various levels of output.
Answer the following statement true (T) or false (F)
Which of the following programs or policies could be used to decrease water shortages?
a. Decrease supply b. Increase demand c. Impose taxes on water producers d. Impose subsidies on water users e. Implementing greywater systems f. None of the above. g. All of the above.
Why are music, television, and movie companies concerned about their products being posted to Internet Web sites such as YouTube?
What will be an ideal response?