A perfectly inelastic demand curve is
A) a horizontal straight line.
B) a vertical straight line.
C) a downward sloping straight line that intersects the horizontal axis at the origin.
D) an upward sloping straight line that crosses the vertical axis.
Answer: B
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The more elastic the demand curve, a monopoly
A) will have a larger Lerner Index. B) will face a lower marginal cost. C) will earn more profit. D) will lose more sales as it raises its price.
The trade in goods, services, and capital around the world comprises:
A. trillions of dollars. B. billions of dollars. C. a small amount in dollar value. D. millions of dollars.
If a person who does not pay for a good can be prevented from consuming it,
a. that good is said to be excludable b. that good is said to be nonexcludable c. consumption of that good creates a positive externality d. production of that good creates a negative externality e. that good is called a pure public good
When the expected value of search increases:
A. the cost of searching falls. B. fewer searches occur. C. more searches occur. D. the number of searches does not change.