A Perfectly Inelastic Demand Curve Is Represented by an Upward

question 78

True/False

A perfectly inelastic demand curve is represented by an upward rising straight line.

---

Definitions:

LIFO

"Last In, First Out", an inventory costing method where the most recently produced or acquired items are recorded as sold first.

FIFO

An inventory valuation method where the first items placed into inventory are the first ones sold; stands for First-In, First-Out.

Inventory Costing

The method used to assign costs to inventory, affecting the cost of goods sold and ending inventory valuations.

Ending Inventory

The total value of all inventory that a company has in stock at the end of an accounting period.