If consumer purchases of a good are not very sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal).
b. demand curve that is relatively steep (more vertical).
c. supply curve that is relatively flat (more horizontal).
d. supply curve that is relatively steep (more vertical).
b. demand curve that is relatively steep (more vertical).
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If a perfectly competitive firm is producing at an output at which marginal cost exceeds marginal revenue
A) price will be at the profit maximizing level. B) sales will be at the profit maximizing level. C) the firm should expand production. D) the firm should reduce production.
The prescription drug benefit plan was added to Medicare
A. 2006. B. 1996. C. 1965. D. 1944.
A recessionary GDP gap is the
A. Difference between leakages and injections. B. Sum of leakages and injections. C. Same as an inflationary gap. D. Horizontal distance between full-employment GDP and equilibrium GDP.
In a free market, the market price and quantity in the above figure will adjust to equilibrium values of
A. $1 per gallon and 50 million gallons. B. $2 per gallon and 60 million gallons. C. $4 per gallon and 10 million gallons. D. $2 per gallon and 30 million gallons.