Perfectly inelastic demand is represented by a demand curve which is ________, and relatively inelastic demand is represented by a demand curve which is ________
A) upward sloping; horizontal B) horizontal; downward sloping
C) downward sloping; vertical D) vertical; downward sloping
D
You might also like to view...
A decrease in the supply of a good will cause a larger increase in its price
A) if there are many close substitutes for the good. B) the greater the scarcity of the good. C) the more elastic the demand for the good. D) the more inelastic the demand for the good.
Is there any set of relationships between price elasticity of supply and total revenue similar to the relationships between price elasticity of demand and total revenue?
What will be an ideal response?
A line that represents combinations of two goods that a consumer can purchase with a fixed income and given price for each good is called the:
a. indifference curve. b. demand curve. c. budget line. d. money line.
The net exports effect is the inverse relationship between net exports and the ____ of an economy
a. potential real GDP b. chain-price deflator c. price level d. consumption spending