Consider the following types of demand curves:
a. a vertical demand curve
b. a horizontal demand curve
c. a linear downward-sloping demand curve
Which of the demand curves listed exhibits a price elasticity of demand coefficient that remains constant along the demand curve?
A) a only B) b only C) a and b only D) a, b, and c
C
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Total profit is equal to
a. total revenue minus total cost. b. total revenue minus explicit cost. c. total revenue minus variable cost. d. total revenue minus marginal cost.
Bank ________ is/are listed on the liability side of the bank's balance sheet
A) reserves B) capital C) securities D) cash items
The long-run price elasticity of demand for a good is usually larger than its short-run price elasticity because
a. as the saying goes, "out of sight, out of mind" b. more goods are demanded in the long run than in the short run c. people have more time to find substitute goods d. incomes tend to rise over time e. supply curves shift outward over time
Which statement about the total variable cost curve is true?
a. It begins at the origin and increases before decreasing again. b. The total variable cost curve is the same at all levels of output. c. The total variable cost curve is increasing but at a decreasing rate. d. It begins at the origin and is always increasing. e. There is no such thing as a total variable cost curve.