In the circular-flow diagram, factors of production are the goods and services produced by firms
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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A vertical demand curve results in
A) no change in quantity when the supply curve shifts. B) no change in price when the supply curve shifts. C) no change in the supply curve being possible. D) no change in quantity when the demand curve shifts.
Economics
In which of these markets would the firms be facing the least elastic demand curve?
A) perfect competition B) pure monopoly C) monopolistic competition D) oligopoly
Economics