If the quantity of a good supplied is not very sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal).
b. demand curve that is relatively steep (more vertical).
c. supply curve that is relatively flat (more horizontal).
d. supply curve that is relatively steep (more vertical).
D
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Most corn produced in the United States is used for animal feed. The demand for corn is inelastic. These facts mean that
A) there are many substitutes for corn in feeding animals. B) there are few substitutes for corn in feeding animals. C) there are no substitutes for corn in feeding animals. D) animals are not buying the corn themselves, so we cannot learn anything from these facts.
Some economists who consider monopoly to be both inevitable and bad are inclined toward a policy of ___________ if regulation of the monopoly seems ineffectual
a. contestable market b. price controls c. countervailing power d. creative destruction e. nationalization