The overall behavior of the economy:
A. is remarkably stable over time.
B. differs over time as prices become increasingly flexible in the months and years following a
shock.
C. differs over time as prices become increasingly sticky in the months and years following a
shock.
D. is easily controlled and stabilized by government policy.
Answer: B
Economics
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Monopolies are inefficient because, at the profit-maximizing output level,
A) MC = MR. B) MC does not equal MR. C) MB = MC. D) MB does not equal MC. E) P = ATC.
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Refer to Table 7-6. Which country has an absolute advantage in producing swords?
A) Estonia B) Morocco C) both countries D) neither country
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