If the supply of a good is perfectly inelastic, the price elasticity of supply will equal
A. positive infinity.
B. zero.
C. one.
D. none of these.
Answer: B
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An industry comprised of four firms, each with about 25 percent of the total market for a product, is an example of:
A. monopolistic competition. B. oligopoly. C. pure monopoly. D. pure competition.
The different shapes of the aggregate supply curve:
A. Determine the level of reserves held by the banking system. B. Result in the Fed's need for total control of the money supply. C. Determine the impact of monetary policy on price level and output. D. Explain why the Fed must respond to market instability.
A decrease in the supply of dollars and an increase in the demand for Mexican peso
A. increases the value of the dollar. B. increases the peso price of dollars. C. increases the value of the peso. D. has an indeterminate effect on the exchange rate between dollars and pesos.
Secondary workers are often decisive in keeping a family out of poverty
Indicate whether the statement is true or false