A recession is often considered to be:
A. an economic downturn that persists for more than two consecutive quarters of the year.
B. any period of more than six months in which unemployment is rising.
C. any period when the unemployment rate exceeds 6 percent.
D. an economic downturn that persists for more than four consecutive quarters of the year.
Answer: A
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If marginal cost exceeds marginal revenue, a profit-maximizing monopolist will:
a. restrict output to increase the price even higher. b. raise price and expand output to increase profit. c. lower price and expand output to increase profit. d. attempt to maintain this position because it is consistent with profit maximization.
What are some of the ways a private group can overcome a free rider problem?
What will be an ideal response?
In monopolistically competitive industries, the market sets the price.
Answer the following statement true (T) or false (F)
An isoquant is a curve that shows all the combinations of two inputs that will produce the same level of output
Indicate whether the statement is true or false