A perfectly inelastic demand would imply what kind of demand curve?
A. vertical
B. horizontal
C. downward sloping
D. upward sloping
Answer: A
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Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. If Charlie knows Joe always throws scissors, what is Charlie's best response?
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A. Rock
B. Paper
C. Scissors
D. The answer cannot be determined from the information given.
The Malthusian model performs poorly in explaining economic growth after the
A) French Revolution. B) American Revolution. C) Industrial Revolution. D) Bio-technology Revolution.
Supply shift to the left=
What will be an ideal response?
Which of the following represents the true economic cost of production when firms produce goods that cause negative externalities?
A) the private cost of production B) the social cost of production C) the external cost of production D) the explicit cost of production