recessions
What will be an ideal response?
are an economy wide decrease in the level of economic activity
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The derived demand curve for a good component will be more inelastic
A) the larger is the fraction of total cost going to this component. B) the more inelastic is the demand curve for the final good. C) the more elastic are the supply curves of cooperating factors. D) the less essential is the component in question.
The long-run Phillips curve is vertical
a. True b. False
Looking at the record of concentration in the United States during the last century, one finds concentration has
a. steadily increased. b. risen dramatically in the past 15 years. c. changed very little. d. fallen steadily except in wartime.
Refer to the graph shown. When market supply shifts from S0 to S1, the revenue gain to suppliers resulting from increased quantity demanded is shown by area:
A. A. B. B. C. C. D. D.