Perfectly Inelastic Demand Is Represented by a Demand Curve Which

question 98

Multiple Choice

Perfectly inelastic demand is represented by a demand curve which is ________, and relatively inelastic demand is represented by a demand curve which is ________.

• A)downward sloping; vertical
• B)horizontal; downward sloping
• C)vertical; downward sloping
• D)upward sloping; horizontal

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Definitions:

Marginal Revenue Product

The extra income produced through the use of an additional unit of a resource, like labor or capital.

Wage Rate

The amount of compensation or payment in terms of money received by an employee from an employer in exchange for work or services.

Repair People

Professionals specialized in fixing or mending machinery, equipment, or structures to ensure proper function and reliability.

Demand for Labor

The total demand for workers in an economy, which is influenced by wages, productivity, and the overall level of economic activity.