If a Supply Curve Is Horizontal, Then Supply Is Said

question 84

True/False

If a supply curve is horizontal, then supply is said to be perfectly elastic, and the price elasticity of supply approaches infinity.

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Definitions:

Sum Certain

A specific, agreed-upon amount of money owed under a contract that is not subject to change.

Unconditional Promise

A commitment or guarantee that is not subject to any conditions or contingencies.

Time Certain

A specific, agreed-upon moment or period in which something is to occur or be completed, often used in contracts and scheduling.

Assumed Name

An assumed name, also known as a trade name or "doing business as" (DBA), is a name a business uses that is different from its legal, registered name.