When price is constant, the average revenue curve is a(n)
a. upward-sloping straight line
b. downward-sloping straight line
c. horizontal line
d. vertical line
e. point on the total revenue curve
C
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If a contractionary monetary policy lowers the price level by more than expected, it raises the real value of consumer debt. This reduces consumer expenditure through
A) the bank lending channel. B) Tobin's q. C) the traditional interest-rate channel. D) the household liquidity effect.
Alternating periods of economic expansion and recession are known as the:
A) Fisher effect B) business cycle C) market risk D) systematics
In the history of the United States, unemployment reached its highest rate
A) in the Panic of 1893. B) in the 1930s. C) in the period between World War II and the Korean War. D) in the Great Recession of the late 2000s.
Because of product differentiation in a monopolistically competitive market, the demand curve for an individual firm will be
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.