Anything that is commonly acceptable as a payment for goods and services is called ________

Suppose the airplane market is an oligopoly. According to the figure above, the price can range as high as ________ and as low as ________

A) $13 million per plane; $1 million per plane B) $30 million per plane; $13 million per plane C) $13 million per plane; $13 million per plane D) $1 million per plane; $1 million per plane E) None of the above answers is correct.

A supply curve that is vertical

A) is perfectly inelastic. B) is impossible. C) has an elasticity equal to 1. D) is perfectly elastic.