Business fluctuations in the United States are
A. predictable.
B. smooth and steady.
C. controllable.
D. irregular and unpredictable.
Answer: D
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Explain the characteristics of monopolistic competition. Explain how price and output are determined in monopolistic competition. Illustrate your answer with a graph
What will be an ideal response?
A risk-averse person's expected utility function is
A) decreasing. B) convex. C) concave. D) a straight line.
Place point Q on the graph to indicate an unemployment rate of 100 percent, point R to indicate full employment and point S to indicate where the United States economy usually operates.
Monopolistic competition and perfect competition differ because
A) only monopolistically competitive firms will set MR = MC. B) only perfectly competitive firms will set MR = MC. C) only monopolistic competition allows for entry of other firms in the long run. D) only competitive firms take the price as given.