______________—a term referring to the highly inelastic case of demand or supply in which a percentage change in price, no matter how large, results in zero change in the quantity; vertical when graphed.
a. Infinite elasticity
b. Zero inelasticity
c. Constant unitary elasticity
d. Perfect elasticity
b. Zero inelasticity
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If we compare the Canadian natural unemployment rate to the U.S. natural unemployment rate, we find that for most years since 1980
A) the Canadian rate is higher, possibly the result of higher unemployment benefits in the United States for most of those years. B) the U.S. rate is higher, possibly the result of greater job search within a larger country. C) they are essentially the same because we have a lot in common. D) the Canadian rate is higher, possibly the result of higher unemployment benefits in Canada for most of those years. E) The U.S. rate is higher, possibly the result of more structural change occurring in the United States.
Which of the following groups within the Federal Reserve System is primarily concerned with public relations?
A) The Federal Open Market Committee B) The Federal Advisory Council C) The Federal Reserve Bank presidents D) The Board of Governors
Three of the four events described below might reasonably be expected to shift the demand curve for beef to a new position. One would not shift that demand curve. The single exception is a(n):
a. change in people's tastes for beef. b. increase in the money incomes of beef consumers. c. fall in the price of beef. d. change in the price of a product competitive with beef (e.g. pork).
Corn and soybeans are alternatives that could be grown by most farmers. If government subsidies for ethanol lead to higher corn prices, this will
a. increase the supply of corn. b. increase the supply of soybeans. c. decrease the supply of soybeans. d. decrease the supply of corn. e. have no effect on the supplies of corn and soybeans.