The unit-elastic demand curve bends in the middle toward the origin of the graph and at either end moves closer to the axes.
Answer the following statement true (T) or false (F)
True
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Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A. Joe and Mary cannot make a mutually beneficial exchange. B. Joe and Mary will only trade if the equilibrium price is less than $1. C. Joe and Mary can make a mutually beneficial exchange. D. Joe and Mary will not trade in equilibrium.
The primary liabilities of depository institutions are
A) premiums from policies. B) shares. C) deposits. D) bonds.
Hardee's announces "buy one get one free" breakfast sandwiches. This is an example of:
A. the use of incentives. B. a macroeconomic decision. C. hoarding scarce resources. D. how people assess the health benefit of fast food breakfast.
A firm can always increase its output by one unit at a marginal cost of $10 . Its marginal cost curve is
a. a horizontal line. b. a vertical line. c. a ray with slope equal to 10. d. exactly one-tenth as steep as its total cost curve.