A perfectly inelastic demand curve exhibits
A) zero responsiveness to changes in price.
B) zero quantity demanded when there is a slight change in price.
C) a change in quantity demanded that is proportional to the change in price.
D) a change in quantity demanded that is always twenty percent of the change in price.
Answer: A
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Comment on the following statement: "Diminishing returns occur when total output falls as additional units of labor are combined with fixed inputs in the production process."
What will be an ideal response?
From 1865 to 1910, the U.S. share of world trade was
(a) nonexistent. (b) miniscule. (c) disproportionately small compared to the British. (d) disproportionately high compared to the U.S. population.
Suppose, as a result of a long-run adjustment in a perfectly competitive industry to a change in demand, price and output both rose. Therefore, demand must have __________ in this __________ industry
a. fallen; increasing cost b. fallen; decreasing cost c. increased; increasing cost d. increased; decreasing cost e. decreased; constant cost
According to the textbook, L. Frank Baum, the author of The Wonderful Wizard of Oz, blamed ____________________ for the economic depression of 1893 and the related hardships faced by farmers and workers
A) the gold standard B) the silver standard C) a massive tornado D) high taxes