What is the price elasticity of demand for a vertical demand curve?
a. Inelastic, but not perfectly inelastic
b. Perfectly elastic
c. Unitary elastic
d. Perfectly inelastic
e. Elastic, but not perfectly elastic
d
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Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080What is the maximum a scarf would be traded for in this example?
A. 1/2 of a scarf B. 3 scarves C. 2 scarves D. 1/3 of a scarf
The congressional committee headed by Thomas Jefferson proposed a method for disposing of the public domain that was based on
a. the New England township system. b. the Southern tract system. c. the Virginia plan. d. English common law.
An example of the "Tragedy of the Commons" is litter in the picnic area of a local park
a. True b. False Indicate whether the statement is true or false
Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per 8-hour day. By hiring a second barber at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MP of the second barber is
A. 42 haircuts. B. $240. C. 18 haircuts. D. $108.