The phase of the business cycle that follows a recession is known as the:
a. peak.
b. recession.
c. recovery.
d. trough.
d
You might also like to view...
The addition to total output resulting from using one more unit of a productive resource is the
a. average product. b. marginal input. c. total product. d. marginal product.
Which of the following is not a source of rents?
a. Tariffs b. Logrolling c. Price supports d. Entry barriers
In the long run in perfect competition, firms will operate at
a. minimum average total cost. b. an average total cost that is just slightly above the minimum. c. an average total cost that is about 10% above the minimum. d. an average total cost that is below price.
Suppose that 50,000 tickets were sold at $400 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A. selling price was below equilibrium price. B. selling price was at equilibrium. C. the game was advertised too heavily. D. selling price was above equilibrium price.