A vertical supply curve may be described as:
A: relatively price elastic.
B: perfectly price inelastic.
C: relatively price inelastic.
D: perfectly price elastic.
E: none of the above are accurate descriptions.
A: relatively price elastic.
B: perfectly price inelastic.
C: relatively price inelastic.
D: perfectly price elastic.
E: none of the above are accurate descriptions.
举一反三
- Since<br/>the amount of land is fixed, the total supply of land<br/>is_____________ A: relatively<br/>elastic. B: perfectly<br/>elastic. C: perfectly<br/>inelastic. D: relatively<br/>inelastic.
- As a result of running high temperature this summer in the south of China, the corn crop declined sharply. If corn growers experienced an increase in sales revenue, the demand for corn must be ( ) A: price elastic. B: price inelastic. C: unitary elastic. D: perfectly inelastic.
- If there are very few, if any, good substitutes for good A, then (). A: supply of good A would tend to be price elastic. B: demand for good A would tend to be price inelastic. C: demand for good A would tend to be price elastic. D: demand for good A would tend to be income elastic.
- An increase in demand for a good will lead to a larger increase in price if the supply is relatively elastic.
- When supply is perfectly elastic, changes in demand have no effect on price