______________—a term referring to the extremely elastic situation of demand or supply where quantity changes by an infinite amount in response to any change in price; it is horizontal when graphed.
a. Infinite elasticity
b. Zero elasticity
c. Constant unitary elasticity
d. Perfect inelasticity
a. Infinite elasticity
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Which of the following is not a fungible commodity?
A. Electricity B. Silver C. Oil paintings D. All of these are fungible commodities.
John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30 minutes to type a paper. Which of the following statements is correct?
a. Harry has a comparative advantage in ironing. b. Harry has a comparative advantage in typing. c. Harry has an absolute advantage in typing. d. Harry has an absolute advantage in ironing. e. Neither can gain from specialization and exchange.
Government policies resulting in reduced efficiency include (i) the welfare system (ii) unemployment insurance (iii) progressive income tax
a. (i) only b. (ii) only c. (i) and (ii) only d. (i), (ii), and (iii)
Government goods are delivered "free," which means that they are costless.
Answer the following statement true (T) or false (F)