The business cycle consists of several stages or phases. Which is the accurate sequence?
A. Recession, recovery, trough
B. Recession, peak, recovery
C. Recession, peak, trough
D. Recession, recovery, peak
E. Recession, trough, recovery
E. Recession, trough, recovery
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What is meant by the term "scientific method"? What are the key components of the scientific method?
What will be an ideal response?
Equilibrium price and quantity for a collusive oligopoly are determined according to the intersection of the ____ curve and the horizontal sum of the short-run ____ curves for the oligopolists
a. total revenue; total cost b. marginal revenue; marginal cost c. average revenue; average cost d. marginal revenue; average total cost
You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. You still enjoy Ramen noodles very much and buy even more, but your roommate plans to buy fewer Ramen noodles in favor of foods she prefers more. When looking at income elasticity of demand for Ramen noodles,
a. yours would be negative and your roommate's would be positive. b. yours would be positive and your roommate's would be negative. c. yours would be zero and your roommate's would approach infinity. d. yours would approach infinity and your roommate's would be zero.
Game theory shows that cartels
a) should be expected b) allow firms to maximize joint profit c) allow firms to overcome the less desired outcome consider with the person's dilemma d) all of the above