A Supply Curve That Is Vertical

question 170

Multiple Choice

A supply curve that is vertical

• A)is perfectly elastic.
• B)is perfectly inelastic.
• C)is impossible.
• D)has an elasticity equal to 1.

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.

Behavioural Economics

A field of study that examines how psychological, cognitive, emotional, and social factors affect economic decisions and market outcomes.

Economic Decisions

Choices made by individuals, households, or firms regarding the allocation of resources.

Cross-Cultural Variations

The differences in norms, behaviors, beliefs, and practices among cultures around the world.