How has the pattern of fluctuations in overall U.S. business activity changed since World War II?
A. Expansions have been eliminated.
B. Contractions have been eliminated.
C. Recessions have been eliminated.
D. It has become less volatile.
Answer: D
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Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending Elite U is:
A. $20,000 B. $50,000 C. $70,000 D. $15,000
"A firm in monopolistic competition maximizes its profit by producing where its price is equal to its marginal cost." Is the previous statement correct or incorrect?
What will be an ideal response?
Suppose I am willing to pay $300 for a pair of Rollerblades and I purchase them on sale for $200 . My consumer surplus is
a. $300 b. 3/2 c. $100 d. $200 e. $0
In order to earn an economic profit, a firm needs to charge a price in excess of
A) accounting average cost. B) normal average costs. C) economic average cost. D) long-run fixed costs.