If sellers respond to very small changes in price by adjusting their quantity supplied by extremely large amounts, the price elasticity of supply approaches
a. zero, and the supply curve is horizontal.
b. zero, and the supply curve is vertical.
c. infinity, and the supply curve is horizontal.
d. infinity, and the supply curve is vertical.
c
Economics
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Which statement is true?
A. The federal budget deficit reached a peak in 1992 and has been declining since then. B. The federal budget deficit in fiscal year 1997 was at a record high. C. Because we ran federal budget surpluses since 1998, the national debt is falling. D. The federal government ran budget surpluses from 1998 to 2001, but returned to deficits since 2002.
Economics