______________—a term referring to the extremely elastic situation of demand or supply where quantity changes by an infinite amount in response to any change in price; it is horizontal when graphed.

What is the annual rate of growth of per capita real GDP if real GDP grows at a constant rate of 4 percent per year and the annual rate of population growth is 3 percent?

A) 1 percent B) 3 percent C) 87 percent D) 4 percent

A perfectly competitive firm's marginal revenue curve is downward sloping

Indicate whether the statement is true or false