A Firm Can Sell as Much as It Wants at a Constant

question 57

Multiple Choice

A firm can sell as much as it wants at a constant price. Demand is thus

• A)perfectly inelastic.
• B)perfectly elastic.
• C)relatively inelastic.
• D)relatively elastic.

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Definitions:

Implied Warranty of Merchantability

An assurance that a product will meet a reasonable level of quality and reliability for the purpose it was sold for.

Exploded

In non-technical contexts, refers to a rapid and violent expansion or burst, often used metaphorically for rapid increases or expansions.

Electric Pressure Cooker

A kitchen appliance that uses electricity to create a sealed environment, building up pressure to cook food quickly and efficiently.

Magnuson-Moss Warranty Act

A federal law established to improve the information consumers receive about warranties and to provide a means of remedy for breach of warranty.