When small changes in price lead to infinite changes in quantity demanded, demand is perfectly
a. elastic, and the demand curve will be horizontal.
b. inelastic, and the demand curve will be horizontal.
c. elastic, and the demand curve will be vertical.
d. inelastic, and the demand curve will be vertical.
a
Economics
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Compared to a competitive input market, a monopsonist will hire:
a. more and pay a higher input price. b. less but pay a higher input price. c. more but pay a lower input price. d. less and pay a lower input price.
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If the MRP of labor decreases, labor
a. demand will decrease b. demand will increase c. supply will increase d. supply will decrease e. demand and supply will be unaffected
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