When the slope of a demand curve is zero (also known as vertical demand curve) then elasticity will be:

A. Zero (perfectly inelastic)

B. Equal to one (unitary elastic)

C. Infinite (perfectly elastic)

D. None of the above

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  1. To calculate the Economic Profit we must deduct which of the following cost from our total revenues?
  2. Cross-elasticity of demand is measured as:
  3. The cost of firms in cournot model are:
  4. Rent is a creation of value, not of wealth who made this observation?
  5. A normal profit is:
  6. With the decrease in marginal valuation of a specific commodity, the price offered by the people:
  7. Price-taker firms:
  8. The horizontal demand curve for a commodity shows that its demand is:
  9. Law of Substitution in production was presented by:
  10. In case of monopoly:
  11. Cardinal approach includes arranging:
  12. If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of…
  13. On the total utility curve the economically relevant range is the portion over which:
  14. When total product increases at a decreasing rate:
  15. The economic problem of determining the combination of inputs yielding lowest cost for producing a given…
  16. Production indifference curve (isoquant) is a curve which shows:
  17. Change in demand (rise and fall of demand) is:
  18. In the case of a normal goods, the income effect:
  19. When total revenues equal to total opportunity cost then the firm will earn:
  20. In the case of a giffen good, the income effect:
  21. By saying that monopolist create a contrived scarcity, economist mean that monopolist:
  22. In modern theory of costs, a firm normally utilizes:
  23. If the price of a product falls which of the following would occur?
  24. Each firm in cournot model can:
  25. By reducing the prices of its products below those of its competitors, a perfectly competitive seller:
  26. An inferior good/ commodity is inferior for:
  27. Each short run average cost curve:
  28. The Purchasing Power Parity (PPP) Theory is presented by:
  29. MC is given by:
  30. The equilibrium level of output for the pure monopolist is where: