Between World War II and the 1970s, three firms—General Motors, Chrysler, and Ford—produced and sold nearly all the output of the U.S. auto industry. These three firms had
A) an oligopoly.
B) monopolistic competition.
C) colluded.
D) a pure monopoly.
A
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External shocks to the stock market have little impact on stock prices since investors consider only the long run.
Answer the following statement true (T) or false (F)
Minimum efficient scale
A) is the point at which economies of scale begin for a particular firm. B) is the lowest rate of output per unit of time at which long-run average costs reach a minimum for a particular firm. C) applies only to firms with U-shaped long-run average cost curves. D) is the point at which diseconomies of scale begin for a particular firm.
Which of the following will shift the Keynesian short-run aggregate supply curve downward and to the right?
A) a rise in the price level B) a fall in the price level C) a decrease in input costs D) an increase in input costs
Since World War II, the average length of recessions in the United States has been:
a. 2 months. b. 11 months. c. 2 years. d. 3 1/2 years.