A demand curve
A) has an upward slope.
B) has a downward slope.
C) is a graph of the relationship between quantity demanded of a good and its price.
D) Both answers B and C are correct.
E) Both answers A and C are correct.
D
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Which of the following is an example of an intermediate good?
A. An antique car sold to the highest bidder B. A pair of skis sold by a sporting goods retailer to a skier C. The lumber produced by Boise Cascade and sold to a builder of old houses D. A share of IBM stock
If the supply of a good is relatively inelastic, this means that the quantity supplied of the good is
a. not very sensitive to the price of the good. b. highly sensitive to the price of the good. c. unrelated to the price of the good. d. none of the above.
A perfectly elastic demand curve is
A. horizontal. B. vertical. C. upward sloping. D. downward sloping.