In which market structure is there the greatest degree of mutual dependence between firm in choosing their price and output policies?
a. perfect competition

A monopolistically competitive firm is producing an output level where marginal revenue is greater than marginal cost. What should this firm do to increase its profit or reduce its losses?

A) The firm should increase its implicit costs. B) The firm should lower its price. C) The firm should decrease its fixed costs. D) The firm should raise its price.

During the recession phase of the business cycle

A) unemployment is usually falling. B) production is usually rising. C) interest rates are usually falling. D) income is usually rising.