An isoquant represents levels of capital and labor that
A) have constant marginal productivity.
B) yield the same level of output.
C) incur the same total cost.
D) All of the above.
B
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A monopolistically competitive industry is like a purely competitive industry in that
A. each industry produces a standardized product. B. nonprice competition is a feature in both industries. C. firms in both industries face a horizontal demand curve. D. neither industry has significant barriers to entry.
The business cycle consists of four phases. At the top we have:
a. expansion, followed by peak, and then recession followed by a recession. b. expansion, followed by a recession, and then peak followed by recession. c. peak, then an upturn followed by a recession, and then recession. d. peak, then a recession followed by expansion, and then recession. e. peak, then a recession followed by recession, and finally, expansion.
"Market prices give no reason to believe that natural resources are a limit to economic growth.". Explain this statement
Unemployment insurance tends to lead to the unemployed worker spending less time unemployed.
Answer the following statement true (T) or false (F)