Use the figure below to answer the following question. 
For which graph is the supply perfectly inelastic?
A. graph 1
B. graph 2
C. graph 3
D. graph 4
Answer: C
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Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90
Elsie is a perfectly competitive dairy farmer. The market price of milk was $2.40 but just fell to $2.20 a gallon. Elsie
A) can sell as much milk as she wants at $2.20 a gallon. B) will have to charge some customers $2.40 a gallon to stay in business. C) will produce the same amount of milk at both prices. D) can sell more at the lower price because the quantity demanded is higher at lower prices. E) will be able to charge her initial customers $2.40 a gallon.
When the economy swings back toward the boom part of a business cycle which of the following will generally not occur?
A. Labor demand will increase. B. Cyclical unemployment will decrease. C. Actual wages will approach the market-clearing level. D. Labor supply will decrease.
Unions often have the power to push wages above competitive levels
a. True b. False Indicate whether the statement is true or false