Which of the following is true regarding economic fluctuations in the United States?
a. Since World War II, economic ups and downs have been more moderate than before the war.
b. Prior to World War II, real GDP annual increases of more than 5 percent were unheard of.
c. Real GDP grew rapidly during the 1930s.
d. The 1920s was a period of prolonged economic stagnation and high unemployment.
A
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A public good
A. is available to all and cannot be denied to anyone. B. is characterized by rivalry and excludability. C. can be profitably produced by private firms. D. produces no positive or negative externalities.
A partnership is ________ type of business
A) the most profitable B) the most common C) the least risky D) the least common
Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Market demand is Q = 600,000 – 100p. Derive the short-run equilibrium Q, q, and p. Does the typical firm earn a short-run profit?
What will be an ideal response?
A dominant-firm's residual demand curve is
A) the horizontal difference between the market demand curve and the supply curve of the fringe firms. B) the vertical difference between the market demand curve and the supply curve of the fringe firms. C) the demand curve left for the fringe firms after the dominant firm has determined an output level. D) None of the above.