From 1945 until 1973, the U.S. economy experienced ________
A) rapid inflation
B) no major recessions or depressions
C) minimal interaction with the global economy
D) all of the above
E) none of the above
B
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Suppose the total cost of producing 40,000 flash drives is $120,000, and the fixed cost is $30,000
a. What is the variable cost? b. When output is 40,000, what are the average variable cost and the average fixed cost? c. Assuming the cost curves have the usual shape, is the dollar difference between the average total cost and the average variable cost greater when the output is 40,000 flash drives or when the output is 60,000 flash drives? Explain.
In a price leadership oligopoly model,
a. a cartel of leading firms determines price and industry output. b. the industry in consortium with the government determines price and output. c. one firm is the price leader and all other firms follow. d. the firms abandon a profit-maximizing goal. e. firms do not operate where MR = MC.