In the long run, a firm in a monopolistically competitive industry has its price equal to its

Demonstrating how an economic variable changes from one year to the next is best illustrated by a

A) time-series graph. B) scatter diagram. C) Venn diagram. D) linear graph. E) cross-section graph.

The reason a shock to one sector can spread to the whole economy is that

a. a decrease in production in one sector leads to an overall decrease in spending b. firms will need to help bail out other firms that are having troubles c. an increase in production in one sector will lead to an overall decrease in spending d. most shocks are not sector-specific but economy-wide e. workers laid off in the one sector will purchase more goods in another sector