When the Demand for a Good Is Perfectly Elastic

question 8

Multiple Choice

When the demand for a good is perfectly elastic

• A) total revenue is as large as possible.
• B) the demand curve for the good is vertical.
• C) the price elasticity of demand is infinite.
• D) the price elasticity of demand is zero.

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Definitions:

Success

The achievement of a goal or the attainment of wealth, position, honors, or the like.

Humanistic Insights

Perspectives and understandings that emphasize personal growth, self-acceptance, and the realization of one's potential, often associated with humanistic psychology.

Julian Rotter

A psychologist known for his development of social learning theory and the concept of locus of control.

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