Statement I: A perfectly inelastic demand curve and a perfectly elastic supply curve are represented the same way on a graph.
Statement II: A perfectly elastic demand curve and a perfectly elastic supply curve are represented the same way on a graph.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.

Question

Quizplus · Accepted Answer

Statement I is false because a perfectly inelastic demand curve is represented by a vertical line, while a perfectly elastic supply curve is represented by a horizontal line. Statement II is true because both perfectly elastic demand and supply curves are represented by horizontal lines, indicating that any quantity is demanded or supplied at a specific price.

Statement I: a Perfectly Inelastic Demand Curve and a Perfectly