A vertical line has a slope of
A. infinity.
B. zero.
C. undefined.
D. 1,000
Answer: A
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Open-market operations have their initial effect on bank
A. lending. B. reserves. C. profits. D. revenues.
When people refuse to pay down debt with their savings:
A. they are forgetting that money is fungible. B. they will be poorer in the long run. C. they are acting irrationally. D. All of these are true.
Suppose that when the price of aspirin rises from $2 to $3 per bottle, the quantity demanded falls from 800 bottles per day to 700 bottles per day. Over this range, the demand for aspirin is
a. elastic b. unitary elastic c. perfectly elastic d. inelastic e. perfectly inelastic
In Figure 24.2, a profit-maximizing monopolist will charge a price of
A. $6.40. B. $5.50. C. $4.70. D. $4.00.