Which of the following is not a characteristic of a monopolistically competitive market structure?
A) All sellers sell products that are differentiated.
B) There is a large number of independently acting small sellers.
C) Each firm must react to actions of other firms.
D) There are low barriers to entry of new firms.
C
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Labor productivity refers to the quantity of goods and services that can be produced
A) by the entire labor force. B) by one worker or one hour of work. C) in the entire economy in one year. D) by all employed workers.
Which of the following observations concerning phases of a business cycle is incorrect? a. The maximum amount of unemployment occurs exactly at the trough. b. The expansion phase is measured from the trough to the peak
c. The trough is the point in time when output stops declining. d. The contraction phase is also called recession.