Define the inelastic demand
Define the inelastic demand.
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Perfectly inelastic demand:
In this case, even a huge change in price fails to bring regarding a change in quantity demanded. It is the change in price will not influence the quantity demanded and quantity remains similar whatever the change in price. Now there demand curve will be vertical line as given and ep= 0.
Pure economic rents for different parcels of land do not reflect differences within their: (1) marginal productivities. (2) fertility. (3) quantities of valuable minerals and ores. (4) amounts of capital improvements. (5) relative capability to reduce
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The demand curve for labor can be demonstrated as a negative relationship between: (w) the quantity of labor demanded and the wage rate. (x) labor productivity and the quantity of labor used. (y) employment and output. (z) wages and GDP.
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A cartel is: (a) an oligopoly model which relies on interdependence. (b) an organization of oligopolist firms behaving like a monopoly. (c) an organization of firms that jointly make decisions. (d) All of the above. Discover Q & A Leading Solution Library Avail More Than 1448994 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1946080 Asked 3,689 Active Tutors 1448994 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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