When demand is perfectly inelastic, there is no change in quantity demanded after a change in price.

In the last two decades, inflation has been relatively high in the U.S. economy, with the Consumer Price Index typically rising 10–12 percent per year

a. True b. False Indicate whether the statement is true or false

The supply curve for a product reflects the

a. willingness to pay of the marginal buyer. b. quantity buyers will ultimately purchase of the product. c. cost to sellers of producing the product. d. seller's profit from producing the product.