If there is no change in price that can alter the quantity supplied, then the supply for the good is
A. inelastic.
B. perfectly unit elastic.
C. perfectly elastic.
D. perfectly inelastic.
Answer: D
You might also like to view...
The principle of minimum differentiation
A) results in political parties proposing very similar or possibly identical policies. B) refers to the tendency of competitors to make themselves different in order appeal to the maximum number of clients or voters. C) explains why Burger King, Wendy's, and other fast food restaurants tend to locate far away from each other. D) None of the above answers are correct.
Uncontrollable government spending includes
A. Welfare benefits but not unemployment benefits. B. Interest payments on the national debt. C. Spending decisions made in the current year. D. Approximately half of the government spending in the United States.
Suppose that a firm operating in perfectly competitive market sells 50 units of output. Its total revenues from the sale are $500 . Which of the following statements is correct? (i) Marginal revenue equals $5. (ii) Average revenue equals $10. (iii) Price equals $15
a. (i) only b. (ii) only c. (i) and (ii) only d. (i), (ii), and (iii)
The sum of the balances in the current and capital accounts in the balance of payments must equal zero
Indicate whether the statement is true or false