A demand curve with unit elasticity can never touch either the vertical or horizontal axes
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen asĀ
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Marginal benefit is equal to the ________ benefit a consumer receives from consuming one more unit of a good or service
A) additional B) unintended C) total D) surplus
Something that would cause the long-run aggregate supply curve to shift to the right would be:
A. technological advance. B. discovery of a new oil reserve. C. increase in the growth rate of the labor force. D. All of these would shift the long-run aggregate supply curve to the right.
Costumarily, economists classify resources in to these major groups:
What will be an ideal response?