From 1950 to 2009, the average length of recessions in the United States has been
A) less than 1 year.
B) between 1 year and 2 years.
C) between 2 years and 3 years.
D) longer than 3 years.
A
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If a monopolist has no marginal costs and only recurring fixed costs, then, if he produces, any quantity that he produces is profit maximizing if the price elasticity of market demand is -1.
Answer the following statement true (T) or false (F)
The monthly mortgage payments made by a homeowner are
A) always sunk costs because the costs of constructing the house lie entirely in the past. B) marginal costs if the house is new but sunk costs if it was purchased from a previous owner. C) marginal costs of continuing to own and occupy the house. D) not marginal costs because the house will continue to exist whether or not the payments are made. E) sunk costs only if all the bills for earlier construction work have been fully paid.
A monopoly that can perfectly price discriminate creates no deadweight loss
Indicate whether the statement is true or false
If the price elasticity of demand for insulin is equal to zero then the demand curve for insulin is
A) curvilinear. B) downward sloping. C) vertical. D) horizontal.