If Demand Is Perfectly Elastic,then

question 33

Multiple Choice

If demand is perfectly elastic,then

• A)the demand curve is a horizontal line
• B)supply is perfectly inelastic
• C)supply is perfectly elastic
• D)the demand curve is a vertical line
• E)the demand curve is downward sloping

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Definitions:

Probability

A numerical measure of the likelihood of a specific event occurring, ranging from 0 to 1.

Mutually Exclusive

Mutually exclusive refers to events in probability and statistics that cannot occur at the same time, indicating that the occurrence of one event necessarily excludes the occurrence of the other.

Collectively Exhaustive

A set of events is collectively exhaustive if at least one of the events must occur.

Probability

A measure of the likelihood that an event will occur, expressed on a scale from 0 (impossibility) to 1 (certainty).