A Perfectly Inelastic Demand Schedule

question 168

Multiple Choice

A perfectly inelastic demand schedule

• A)rises upward and to the right but has a constant slope.
• B)can be represented by a line parallel to the vertical axis.
• C)cannot be shown on a two-dimensional graph.
• D)can be represented by a line parallel to the horizontal axis.

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Definitions:

Cartel

An agreement among competing firms to control prices, production, and marketing of goods, limiting competition.

Tin

A chemical element with the symbol Sn and atomic number 50, known for its malleability and resistance to corrosion.

Embargoes

Governmental orders that restrict commerce and trade with specified countries or the exchange of specific goods.

Repudiates

To refuse to accept or be associated with a contract or agreement, effectively rejecting its validity.