A perfectly elastic demand curve has a slope of ________ while a perfectly inelastic demand curve has a slope of ________.
A. 0; infinity
B. 1; 0
C. 0; 1
D. infinity; 0
Answer: A
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Market income is defined as wages, interest, rent, and profit earned in factor markets plus cash payments to households by the government
Indicate whether the statement is true or false
If the labor supply is unchanged, an increase in the demand for labor will
A) increase the equilibrium wage and increase the quantity of jobs demanded. B) increase the equilibrium wage and decrease the number of workers employed. C) decrease the equilibrium wage and increase the number of workers employed. D) increase the equilibrium wage and increase the number of workers employed.
Give an example of a competitive market.
What will be an ideal response?
Which of the following examples shows the problem of using physical units as the measure of total economic activity?
a. Milk is measured by gallons; milk is paid for with dollars. b. Milk is measured by gallons; train travel is measured by miles. c. A gallon of milk weighs more than a gallon of water. d. A plane covers more mph than a train does.