Refer to the above figure. A recession is best described as
A) the upward linear line.
B) the period between Point B and Point C.
C) the period between Point A and Point B.
D) none of the above.
C
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At its present rate of output, 200 units, a perfectly competitive firm has variable costs of $10,000 and marginal cost of $50, and accepts the market price of $40 per unit. To improve its profit/loss situation, this firm should
a. increase output b. reduce output but not to zero c. maintain the present rate of output d. shut down e. raise the price
One reason for international specialization in production is
a. differing national tastes b. diseconomies of scale in production c. a high world price for a good d. resources are plentiful in all nations e. people have limited wants for domestically produced goods and services