A Consumer Applies for Open-End Credit to Make a Single

question 34

True/False

A consumer applies for open-end credit to make a single purchase, such as a large appliance.

---

Definitions:

Perfectly Elastic

refers to a market scenario where the quantity demanded or supplied changes infinitely with any change in price.

Marginal Cost

The increment in sum total cost that comes with the production of an additional single unit of a good or service.

Marginal Revenue

The boost in revenue achieved by selling an additional unit of a good or service.

Price Taker

A buyer or seller that is unable to influence the market price of a product or service.