A vertical demand curve has
A. infinite elasticity.
B. zero elasticity.
C. negative elasticity.
D. positive elasticity.
Answer: B
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Define the following terms: a) risky outcome. b) probability
What will be an ideal response?
Fractional reserve banking refers to a banking system in which
A) bank deposits are less than bank reserves. B) bank reserves are only a fraction of total deposits. C) bank reserves are only a fraction of required reserves. D) bank loans are less than bank reserves.
If your income rises by 15 percent and, as a result, you buy more steak, then steak is a(n)
A) substitute. B) normal good. C) complement. D) inferior good.
If every worker earns the same wage rate, then
a. MPP = MRP for all workers b. the firm cannot earn a profit c. every worker except for the last hired generates an MRP equal to the wage rate d. only the last worker hired generates an MRP equal to the wage rate e. all workers hired generate an MRP equal to the wage rate