A demand curve with continuously changing slope over all quantity values will always have a price elasticity of demand equal to infinity.
Answer the following statement true (T) or false (F)
False
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Refer to the figure below. 
If Row Resorts offers reduced rates, then Column Cruises would receive the highest payoff if it:
A. offered reduced its rates. B. entered into a cartel with Row Resorts and agreed to jointly reduce rates. C. chose either strategy because it will have the same payoff in either case. D. kept its rates high.
Complete Milton Friedman's famous proposition: "Inflation is always and everywhere a ________ phenomenon."
A) monetary B) political C) policy D) budgetary
When the price of chai tea lattés is $5, Maxine buys 20 per month. When the price is $4, she buys 30 per month. Maxine's demand for chai tea lattés is
a. elastic, and her demand curve would be relatively flat. b. elastic, and her demand curve would be relatively steep. c. inelastic, and her demand curve would be relatively flat. d. inelastic, and her demand curve would be relatively steep.
Which of the following statements about recessions is true?
a. An old rule of thumb defining recession is two consecutive quarters of falling nominal GDP. b. Recessions occur at regular intervals and last standard amounts of time. c. There is no ironclad rule for the declaration of recessions. d. Recessions are associated with low unemployment and high income.