A perfectly elastic demand curve is
a. a vertical straight line
b. a horizontal straight line
c. a downward-sloping straight line
d. an upward-sloping straight line
e. not a straight line
B
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Only interest payments account for the majority of total federal spending
a. True b. False Indicate whether the statement is true or false
Economic growth is likely to be faster when
What will be an ideal response?
The marginal cost intersects the average variable cost
A. and the average total cost through their upward-sloping sections. B. in its upward-sloping section and the average total cost through its downward-sloping section. C. through its minimum point and the average total cost through its maximum point. D. and the average total cost through their minimum points.
Implicit costs are
A. costs that are taken into consideration by accountants. B. the opportunity costs of using factors that a producer does not buy or hire but already owns. C. the costs of using factors that a producer hires or rents. D. costs that are variable in the short run and fixed in the long run.