What is the proper sequence of the phases of a business cycle?
A) peak, contraction, trough, expansion, recovery
B) peak, contraction, recovery, trough, expansion
C) peak, contraction, trough, recovery, expansion
D) contraction, peak, trough, recovery, expansion
E) recovery, trough, peak, expansion, contraction
C
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D1 and S1 (point A). If there is a surplus of motorcycles how will the equilibrium point change?
A) The equilibrium point will move from A to B. B) There will be no change in the equilibrium point. C) The equilibrium point will move from A to C. D) The equilibrium point will move from A to E.
Restaurants cluster together. That is, on one corner, there may be four similar fast-food restaurants. How can this be explained using a location game theory model?
What will be an ideal response?
?The figure given below shows the demand and the cost curves of a perfectly competitive firm. Total revenue at the profit-maximizing output equals _____.
a. ?$2,400 b. ?$4,000 c. ?$6,000 d. ?$5,200 e. ?$5,600
When considering perfect competition the absence of entry barriers implies that
A. firms can enter but cannot get out of the industry easily. B. all firms will earn economic profit. C. firms can enter and leave the industry without serious impediments. D. no firm can enter the industry.