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17 Aug 2018

22) A vertical supply curve A) indicates that suppliers are unwilling to produce the good. B) implies an elasticity of supply equal to zero. C) implies an elasticity of supply equal to infinity. D) is impossible except in the long run. E) indicates a shortage of the good.

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20 Aug 2018
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Related questions

13) A value of infinity for the elasticity of supply of some product implies that A) the supply curve is horizontal. B) supply is very unresponsive to price. C) the supply curve is vertical. D) the product will be supplied at any price. E) no product will be supplied at any price.

If the supply curve for a product is vertical, then the elasticity of supply is:
 
A. equal to zero.
 
B. equal to 1.
 
C. greater than 1 but less than infinity.
 
D. equal to infinity.

Which of the following is correct?

a)the intersection of the aggregate demand and aggregate supply curves determines the equilibrium price and quantity of a single good.

b)The aggregate demand curve indicates a positive relationship between the price level and GDP.

c)The intersection of the aggregate demand and aggregate supply curves determines the equilibrium price and quantity.

d)The intersection of the aggregate demand and aggregate supply curves determines the equilibrium price level and the equilibrium level of real GDP.

e)Other things equal, a downward shift of the aggregate demand curve implies that the economy enters an expansionary phase.

 

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