The ________ lag of stabilization policy represents the time that is necessary to put the desired policy into effect once economists and policy makers recognize the need.
A. business cycle
B. implementation
C. response
D. recognition
Answer: B
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If the firm in the figure above is unregulated, the deadweight loss will be
A) zero. B) $100. C) $200. D) $400.
A firm’s fixed cost
A. does not vary with output. B. does not change between the short run and the long run. C. is generally a higher percentage of its total cost at high output quantities than at low output quantities. D. All of the above are true.
Refer to Figure 15-12. If this industry was organized as a perfectly competitive industry, the market output and market price would be
A) output = 83; price = $22. B) output = 62; price = $18. C) output = 62; price = $24. D) output = 104; price = $20.80.
Society benefits from monopolistic competition because the firms are allocatively efficient.
Answer the following statement true (T) or false (F)