In a condition of ______, price produces no change in quantity at all.
a. elastic supply
b. perfectly elastic supply
c. inelastic supply
d. perfectly inelastic supply
b. perfectly elastic supply
You might also like to view...
During which years did the country have a budget deficit?
A) 2008 and 2009 B) 2012 only C) 2011 only D) 2010 and 2012 E) all except 2011
A proposed project should be accepted if the net present value is
A) positive. B) negative. C) larger than the internal rate of return. D) smaller than the internal rate of return.
Double counting in the resource cost-income approach to GDP refers to
a. corporate income being taxed twice b. the amount of income taxes paid to states that is taxable by the federal government c. calculating GDP twice using the income and expenditures methods d. adding the value of exports to GDP and subtracting the value of imports e. counting the total value of a final output in addition to the value of the inputs used to make it
The adjustment of the ____________ is the rationing mechanism in market economies.
A. price B. competition C. government D. None of the choices are correct.