When demand is perfectly inelastic, the price elasticity of demand
a. is zero, and the demand curve is vertical.
b. is zero, and the demand curve is horizontal.
c. approaches infinity, and the demand curve is vertical.
d. approaches infinity, and the demand curve is horizontal.
a
Economics
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The gap between the actual and predicted values of a dependent variable is called
A) the error term. B) an exogenous factor. C) the residual. D) an endogenous factor.
Economics
The substitution effect of a wage increase
a. probably leads most workers to want to work more. b. certainly leads all workers to want to work more. c. probably leads most workers to want to work less. d. certainly leads most firms to want to employ more workers.
Economics