When a demand curve is linear:
A. the elasticity is constant at all prices.
B. demand is inelastic at low prices.
C. demand is elastic at low prices.
D. demand is unitary elastic at low prices.
Answer: B
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When a union faces a monopsony buyer, a ________ exists
A) dual-monopoly B) monopoly C) bilateral monopoly D) monopolistic monopsony
"More productive workers receive higher wages than less productive workers." This observation is a major flaw in which of the following arguments for protectionism?
a. The infant industry argument. b. The national security argument. c. The employment argument. d. The cheap foreign labor argument.
According to Scenario 4-1, country B is running a:
a. trade deficit with country A and a trade surplus with country C. b. trade surplus with both countries A and C. c. trade surplus with country A and a trade deficit with country C. d. trade deficit with both countries A and C. e. balanced trade with country A and a trade deficit with country C.
In which industry(ies) are firms price takers?
a. oligopolies b. monopolies c. perfect competition d. oligopolies and monopolies e. monopolistic competition