A vertical supply curve parallel to the price axis implies that the elasticity of supply is:

A. Zero

B. Infinite

C. Equal to one

D. Greater than zero but less than infinite

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  1. The entry of new firms in cournot model is:
  2. Law of Returns to Scale shows:
  3. An iso-product (an isoquant) curve slopes:
  4. Which of the following models are associated with non-collusive oligopoly?
  5. According to classical approach, utility can be:
  6. According to Chamberline, in monopolistic competition, differentiation is determined by:
  7. Dumping is international discriminating:
  8. The ordinal approach was presented by:
  9. If a firm is producing output at a point where diminishing returns have set in, this means that:
  10. The production possibility curve (PPC) is concerned with:
  11. The main objective of the firm is to:
  12. Production function shows:
  13. The total utility (TU) curve is:
  14. In perfect cartel, the:
  15. A demand curve which is horizontal and parallel to x-axis represents:
  16. Who stated explicitly for the first time the Law of Camparative Costs?
  17. When total revenues equal to total opportunity cost then the firm will earn:
  18. Pure monopoly exists:
  19. Airlines that try to lower fares in order to increase revenues believe that demand for airline services…
  20. Total Utility (TU) curve:
  21. A mixed economy is characterized by the coexistence of:
  22. Which is not a central problem of an economy?
  23. The production function can convey to a firm:
  24. The firm is said to be in equilibrium when the difference between revenue and cost is:
  25. The factors of production in perfect competition are:
  26. Price is measured in:
  27. Indifference curve approach (ordinal approach) is superior to utility approach (cardinal approach) because:
  28. The price consumption curve (PCC) for commodity X is the locus of points of consumer equilibrium resulting…
  29. The Input-Output Analysis was originated by:
  30. Indifference curves reflect: