What you mean by business cycles? What are their consequences?
Business cycles are periodic upswings and downswings in economic growth. One important consequence of these ups and downs in economic growth is that employment varies considerably from one year to the next.
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Marginal cost curves slope
A) upward because of increasing opportunity cost. B) upward because of decreasing opportunity cost. C) downward because of increasing opportunity cost. D) downward because of decreasing opportunity cost.
Next year's expected price of oil is $90 per barrel. If the interest rate climbs from 5 percent to 20 percent per year and nothing else changes, then according to the Hotelling Principle the price of oil this year
A) will rise. B) will fall. C) will not change. D) could rise, fall, or stay the same.
Why does your marginal rate of substitution between chocolate and vanilla ice cream decline continuously as you move rightward on your indifference curve between the two?
What will be an ideal response?
Under perfect competition, the price is 
Figure 42.2
A. P1. B. P2. C. P3. D. 0.