A recession begins in January but government policy makers do NOT reach a consensus that a recession had in fact begun until June. This is an example of a(n)
A. effect time lag.
B. quick time lag.
C. recognition time lag.
D. action time lag.
Answer: C
Economics
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The above figure shows the cost curves for a competitive firm. If the profit-maximizing level of output is 40, price is equal to
A) $0. B) $15. C) $10. D) $11.
Economics
A market with a single seller is called
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
Economics