The NBER's Business Cycle Dating Committee defines a recession as at least two consecutive quarters of falling real GDP

Demand curves for the services of productive resources

A) have no meaning, because people must have income in order to live. B) obey the law of demand. C) tend to be perfectly elastic in the long run because any resource can ultimately function as a substitute for any other. D) tend to be perfectly inelastic in the short run as long as production processes are determined by technology.

The value of the marginal product is equal to the marginal revenue product under perfect competition in the product market because:

a. price is equal to average revenue. b. price is equal to average cost. c. marginal revenue is equal to marginal cost. d. price is equal to marginal revenue. e. average revenue is equal to average cost.