Refer to the graphs below. Which one shows demand with a price-elasticity coefficient equal to zero?
A. Graph A
B. Graph B
C. Graph C
D. Graph D
C. Graph C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Which of the following will result from an epizootic affecting sheep reared for wool?
a. The epizootic would lower people's preference for woolen clothes. b. The price of new woolen clothes would rise. c. The epizootic would lower people's preference for synthetic coats. d. The production of new woolen clothes would rise.
If the labor force consists of 100 laborers, and these laborers work with a capital stock of $20,000 . then the capital-labor ratio is
a. 0.01 b. 0.02 c. 100 d. 200 e. 2,000
Refer to the diagram. If the full-employment level of GDP is B and aggregate expenditures are AE 1 , the:
A. inflationary expenditure gap is BC.
B. recessionary expenditure gap is BC.
C. inflationary expenditure gap is zero.
D. inflationary expenditure gap is ei.