When there is no cooperation among oligopolists, their behavior can mimic the elements of both _____ and _____
a. monopolistic competition; a monopoly
b. a monopoly; competitive markets
c. competitive markets; monopolistic competition
d. a monopoly; contestable markets
c
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A level of GDP cannot be at equilibrium when aggregate demand exceeds output because firms will notice that
A. inventory stocks are building up. B. inventory stocks are being depleted. C. their profits are negative. D. many of their workers have little to do.
The price elasticity of demand is defined as
a. the absolute change in price divided by the absolute change in quantity demanded. b. the absolute change in quantity demanded divided by the absolute change in price. c. the percentage change in quantity demanded divided by the percentage change in price. d. the percentage change in price divided by the percentage change in quantity demanded.
The ______ is the portion of the MC curve above the AVC curve.
a. short-run demand curve b. long-run demand curve c. short-run supply curve d. long-run supply curve
The U.S. economy is experiencing falling output, falling employment, falling incomes and rising unemployment. These conditions best describe a business cycle
A) expansion. B) peak. C) trend. D) recession. E) trough.