Refer to Figure 2.1. At point E, demand is:
A) completely inelastic.
B) inelastic, but not completely inelastic.
C) unit elastic.
D) elastic, but not infinitely elastic.
E) infinitely elastic.
A
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Market economies tend to grow more quickly than centrally-planned economies
Indicate whether the statement is true or false
The prisoner's dilemma provides an explanation for
a. the price wars that sometimes occur in oligopolies b. the ability of firms in an oligopoly to extract the entire consumer surplus c. the collusive behavior that sometimes occurs in an oligopoly d. the failure of firms in non-competitive industries to maximize profits e. an irrational behavior that occurs in competitive markets
Sally lost her job when her company went out of business because of a recession. This is an example of:
a. frictional unemployment. b. structural unemployment. c. cyclical unemployment. d. technological unemployment.
Answer the following statements true (T) or false (F)
1. The Glass Steag all Act was passed in 1932 to prevent ruinous competition in the banking industry. 2. The Financial Services Modernization Act of 1999 seeks to restrict competition between insurance companies and banks. 3. The Financial Services Modernization Act of 1999 is likely to result in fewer financial institutions. 4. Electronic transfers now account for nearly 90 percent of the dollar value of all transactions in the United States. 5. Cash transactions account for about 20 percent of the value of transactions. 6. Stored value and smart cards are forms of electronic banking.