A ________ curve means that ________
A) horizontal demand; a change in price does not change total revenue
B) horizontal demand; the elasticity of demand is less than 1
C) horizontal supply; the elasticity of supply is infinite
D) horizontal supply; the elasticity of demand is infinite
E) vertical demand; a change in price does not change total revenue
C
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In the legal sector, some practice areas have declined in recent years
For example, personal-injury and medical-malpractice cases have been undercut by state laws limiting class-action suits, out-of-state plaintiffs, and payouts on damages, and securities class-action litigation has declined in part because of a buoyant stock market. How does this affect the market for lawyers? A) The quantity of lawyers demanded decreases and this is represented by a movement along the demand curve. B) The supply of lawyers shifts to the left. C) The demand for lawyers shifts to the left. D) Both the demand and supply curves decrease.
Does a tax on buyers affect the demand curve?
A. Yes, it shifts down by the amount of the tax. B. Yes, it shifts to the left by the amount of the tax. C. Yes, it shifts up by the amount of the tax. D. No, there is change in the quantity demanded, but the demand curve does not move.