If the demand curve is a vertical line, then
a. demand is perfectly elastic
b. demand is perfectly inelastic
c. demand is unit elastic
d. demand is determined by supply
e. supply is a horizontal line
B
Economics
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The process by which inputs are transformed to outputs is referred to as:
A) production. B) distribution. C) depreciation. D) absorption.
Economics
LRE. After in increase in AD, the price level will initially be ____ and real GDP will initially be ____
a. lower; lower b. higher; higher c. lower; higher d. higher; lower
Economics