A Consumer Is Willing and Able to Buy 1,000 Units

question 298

Multiple Choice

A consumer is willing and able to buy 1,000 units of a good at $10, but the consumer's quantity demanded falls to zero if the price rises even a fraction of a cent. The consumer's demand curve is

• A) horizontal and is perfectly inelastic.
• B) horizontal and is perfectly elastic.
• C) vertical and is perfectly elastic.
• D) downward sloping from higher prices down to $10 and then horizontal.

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Definitions:

Long-Lived Assets

Assets intended for use over an extended time, typically including property, plant, and equipment.

Machinery And Equipment

Long-term assets used in the production process, representing a significant investment that contributes to a company's operational capabilities.

Long-Lived Assets

Assets that have a useful life of more than one year, used in the operation of a company and are not intended for sale, including property, plant, and equipment.

Machinery And Equipment

Fixed assets used in the operation of a business to produce goods and services, typically having a useful life longer than one year.