The rising phase of a business cycle measured by an increase in real GDP is called:
A) trough.
B) expansion.
C) recession.
D) contraction.
B
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. If Alice produces 5,000 cubic yards per year, what is Kate's inverse demand function?
A. P = 75 - 0.005QK B. P = 75 - 0.005QA C. P = 150 - 0.005QK D. P = 175 - 0.005QA
The VP in charge of product launches hypothesizes that a particular product would be profitable, then launching an unprofitable product is a
a. Type I error b. Type II error c. Type III error d. Type IV error
The book cites a result where after of the implementation of the congestion tax in Stockholm, Sweden of $1.50-$3.00, traffic volume was reduced and travel time for cars and buses was cut in half. This is an example of:
A. responding to incentives. B. the role of pricing in allocating resources. C. caveat emptor. D. comparative advantage.
________ goods are most often greenwashed.
A) Food products B) Experience C) Inspection D) Credence