While the slope of the perfectly inelastic supply curve ________, the slope of the perfectly elastic supply curve ________
A) is zero, approaches infinity
B) approaches infinity, is zero
C) is zero, is zero
D) approaches infinity, approaches infinity
A
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Moving from left to right, a U-shaped curve starts with a
A) negative slope, reaches a minimum, then ends with a positive slope. B) negative slope, reaches a minimum, then ends with a negative slope. C) positive slope, reaches a maximum, then ends with a negative slope. D) negative slope, reaches a maximum, then ends with a positive slope. E) positive slope, reaches a minimum, then ends with a negative slope.
What is the most likely effect of the development of cell phones (many use this for time also) on the watch industry?
a. Increased price elasticity of demand for the watch industry because cell phones are complements b. decreased price elasticity of demand for the watch industry because cell phones are complements c. Increased price elasticity of demand for the watch industry because cell phones are substitutes d. decreased price elasticity of demand for the watch industry because cell phones are substitutes