alternating periods of economic growth and contraction
What will be an ideal response?
business cycles
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When you have a job and your employer compensates you for your time with money, resulting in both of you being better off, it is an example of a voluntary exchange
Indicate whether the statement is true or false
Which of the following is TRUE about a firm in monopolistic competition in the long run?
A) P = MC B) P = MR C) ATC = MC D) P = ATC E) MC = ATC
If input prices are constant, a firm with increasing returns to scale can expect
A) costs to double as output doubles. B) costs to more than double as output doubles. C) costs to go up less than double as output doubles. D) to hire more and more labor for a given amount of capital, since marginal product increases. E) to never reach the point where the marginal product of labor is equal to the wage.
Compared to the no-trade situation, when a country exports a good:
a. domestic consumers gain, domestic producers lose, and the gains outweigh the losses. b. domestic consumers lose, domestic producers gain, and the gains outweigh the losses. c. domestic consumers gain, domestic producers lose, and the losses outweigh the gains. d. domestic consumers gain, domestic producers lose, an equal amount.