The business cycle is:
A. the term used to describe fluctuations in output around its long-term trend.
B. the length of time required by a firm to buy inputs and produce and sell output.
C. regular and predictable.
D. the pattern of increases and decreases in the money supply.
Answer: A
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Economic profit is
A. equal to the difference between accounting profit and implicit costs. B. always larger than accounting profit. C. the sum of accounting profit and implicit costs. D. equal to the difference between total revenue and implicit costs.
Using the Coase theorem, why might a firm that currently pollutes a river no one owns pollute the river less if it owned the river?
What will be an ideal response?
Passive macroeconomic policy would rely on natural market forces and automatic stabilizers to close an expansionary gap
a. True b. False Indicate whether the statement is true or false
Suppose that ABC Beer Brewer faces a linear demand curve and that the current price for its beer is set at a point where the price elasticity is 1.6. If ABC Beer Brewer increases the product price,
A. the demand becomes more elastic and total revenue increases. B. the demand becomes less elastic and total revenue increases. C. the demand becomes more elastic and total revenue decreases. D. the demand becomes less elastic and total revenue decreases.