A recession is a period of time in which the total output of the economy falls.
Answer the following statement true (T) or false (F)
True
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A perfectly competitive market is characterized by the free entry and exit of firms
a. True b. False Indicate whether the statement is true or false
The flat portion of the long-run average total cost curve is a result of: a. economies of scale
b. diseconomies of scale. c. constant returns to scale. d. diminishing marginal returns.
Assume that the economy is in long-run equilibrium. A shift in the aggregate demand curve will change
A) only the price level in the long run B) only the output level in the long run C) both the price level and the output level in the long run D) neither the price level nor the output level in the short run E) only the price level in the short run and only the output level in the long run
A market in which final goods and services are exchanged is a
A. Factor market. B. Public goods market. C. Product market. D. Labor market.