Perfectly elastic demand has an elasticity value of zero.
Answer the following statement true (T) or false (F)
False
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When a price shock has occurred, inflation returns to its pre-shock rate ________
A) in the period following the price shock B) in the period when output has returned to its pre-shock rate C) once the output gap has returned to zero D) only in the long run E) none of the above
Theories should be judged based upon how consistently and precisely they predict and how well they explain things
Indicate whether the statement is true or false
Collusion occurs when firms ______.
a. behave like perfect competitors b. act as price leaders and price followers c. engage in price discrimination d. act together to restrict competition
Debt needs to be judged relative to assets because:
A. private investment is always more productive than government investment. B. assets can increase the ability of a country to repay a debt. C. assets are always depreciating. D. all assets provide interest payments to pay the debt.