If demand is perfectly inelastic,
a. the percent change in quantity demanded divided by the percent change in price is zero
b. the demand curve is a vertical line
c. supply is perfectly inelastic too
d. consumers have power over prices
e. the percentage change in price divided by the percentage change in quantity demanded is zero
a. the percent change in quantity demanded divided by the percent change in price is zero
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There is evidence that income per worker is converging in
A) the richest countries and the poorest countries. B) the richest countries, but not the poorest countries. C) the poorest countries, but not the richest countries. D) neither the richest nor the poorest countries.
When comparing the U.S. and Mexican car assembly industries, the disadvantage of higher U.S. wages is offset by
A) Mexican trade barriers. B) trade adjustment assistance in the United States. C) higher productivity in the United States. D) a lower opportunity cost in Mexico.