Recessions occur because of
A) difficulties in coordinating economic affairs. B) shocks to technology.
C) real adverse shocks to the economy. D) all of the above.
D
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Why would an economist say that the Ford Motor Company has never made a choice or a decision?
A) Economists often want to deny the facts. B) Ford doesn't make choices—only the U.S. automobile industry does. C) To remind non-economists that individuals within an organization, rather than the organization itself, make choices. D) Economists are strange creatures who only wish impress others with outrageous or ridiculous claims.
If a perfect competitor faces P = ATC in the long run, the firm will
A) earn economic profits. B) earn economic losses. C) leave the industry. D) remain in the industry.
What's the firm's contribution margin per unit?
a. $12 b. $10 c. $8 d. $4
Marginal analysis is useful in economics, but not in other areas of life
a. True b. False Indicate whether the statement is true or false