Refer to the below graph. Which of the following statements is correct?
A. Demand is perfectly elastic
B. Demand perfectly inelastic
C. Supply is perfectly elastic
D. Supply is perfectly inelastic
C. Supply is perfectly elastic
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Variable costs are
A. sunk costs. B. costs that change with the amount of output a firm produces. C. costs that change every day. D. the change in total cost associated with the production of an additional unit of output.
Real GDP in the country of Oz is growing at 5 percent and its population is growing at 2 percent. In the country of Lilliput, real GDP is growing at 4 percent and its population is growing at 0.5 percent. Thus,
A) real GDP per person in Oz is growing at a faster rate than in Lilliput. B) real GDP per person in Lilliput is growing at a faster rate than in Oz. C) real GDP per person in Lilliput is growing at the same rate as in Oz. D) real GDP per person in Lilliput is growing at a rate that is not comparable to that in Oz. E) We need more information to determine if real GDP per person in Lilliput is growing faster or slower than real GDP per person in Oz.
What is the function of the World Bank?
What will be an ideal response?
A new law applied to a competitive market that requires that laid off workers be paid a large severance payment will
A) not generate a deadweight loss. B) increase total welfare. C) increase consumer surplus in the market. D) decrease consumer surplus in the market.