If the price elasticity of demand is infinite, demand is:
A. upward sloping.
B. inelastic.
C. elastic.
D. perfectly elastic.
Answer: D
You might also like to view...
High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $50?
A. 5 B. 3 C. 2 D. 1
Over the last 50 years,
a. how has the labor force participation rate changed? b. how have the men's and women's labor force participation rates changed?
Each of the following, except one, is a condition that characterizes a perfectly competitive labor market. Which is the exception?
a. Workers appear identical to firms. b. Workers receive wages that are above their marginal revenue product (MRP). c. There are no barriers to entering the labor market. d. There are no barriers to exiting from the labor market. e. There are many buyers of labor in the market.
The marginal propensity to save is:
A. Equal to (1 + MPC). B. The fraction of each additional dollar of saving that goes to the stock market. C. The fraction of each additional dollar of disposable income that goes to saving. D. (Total savings) ÷ (total disposable income).