Business fluctuations in the United States are

A. predictable.
B. smooth and steady.
C. controllable.
D. irregular and unpredictable.


Answer: D

Economics

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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?

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A risk-averse person's expected utility function is

A) decreasing. B) convex. C) concave. D) a straight line.

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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.

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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.

Economics