A perfectly inelastic demand curve is represented by an ...

[mmm]

A perfectly inelastic demand curve is represented by an upward-sloping straight line.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Dave recently began running his father's farm. Last year he took in 15,000 in sales revenue and paid 10,200 in out-of-pocket costs. He made an economic loss last year:
 a. if his implicit costs were 3000.
  b. if his implicit costs were 4000.
  c. if his implicit costs were 5000.
  d. In none of the above cases.

[allisonblackmore]

Answer to Question 1

False

Answer to Question 2

d