If the supply curve is vertical, then supply is
A) relatively elastic.
B) perfectly elastic.
C) unit elastic.
D) perfectly inelastic.
D
You might also like to view...
Explain how GDP is measured according to the expenditure and income approaches
What will be an ideal response?
Using the five criteria in the book, explain how U.S. currency is suitable to use as a medium of exchange
What will be an ideal response?
Suppose market demand is p = 10 - Q. Firms have a fixed cost of five and no marginal cost. If firm A is the incumbent, can it deter the entry of its rival, firm B?
What will be an ideal response?
Figure 11-3
In Figure 11-3, one can tell from the graph that the monopolist will earn a positive profit only if
A. the price exceeds $3. B. the price exceeds $2. C. output is less than 60 units. D. One cannot tell from the information given.