A Perfectly Inelastic Demand Curve

question 7

Multiple Choice

A perfectly inelastic demand curve:

• 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
• E)is downward sloping and has a constant slope

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Definitions:

Regular Audits

Periodic and systematic examinations of financial records and operations to ensure accuracy, compliance, and fairness.

Separation of Duties

A key internal control that involves dividing responsibilities among different people to reduce the risk of error or fraud.

Fraud

Dishonest or illegal trickery used to achieve financial or personal advantages.

Cashier Checks

A check issued by a bank, drawn on its own funds rather than on one of its depositor's accounts, guaranteeing payment.