Based on the figure above, in which quarter or quarters did an expansion occur?
A) in 2014, 2nd quarter
B) in 2013, 2nd quarter
C) between 2013, 2nd quarter to 2014, 2nd quarter
D) between 2012, 2nd quarter to 2013, 2nd quarter and also between 2014, 2nd quarter to the end of the figure
E) There are no expansions illustrated in the figure.
D
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The production possibilities frontier is
A) upward sloping and reflects unlimited choices. B) upward sloping and reflects tradeoffs in choices. C) downward sloping and reflects unlimited choices. D) downward sloping and reflects tradeoffs in choices.
According to the graph, if the perfectly competitive outcome and monopoly outcome are compared, we can see that the:
This graph shows the cost and revenue curves faced by a monopoly.
A. monopoly creates deadweight loss.
B. perfectly competitive firm would lose money in this industry.
C. perfectly competitive firm would produce Q1 units.
D. monopolist would charge P3 and the perfectly competitive firm would charge P1.