The demand curve faced by a perfectly competitive firm is
A) horizontal.
B) vertical.
C) downward sloping.
D) upward sloping.
E) U-shaped.
A
Economics
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Employment tends to
A) lead the cycle. B) be coincident with the cycle. C) lag the cycle. D) sometimes lead, sometimes lag the cycle.
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If potential output for an economy equals $5 billion, and actual output equals $4.5 billion, then this economy has a(n):
A. trade deficit. B. expansionary gap. C. budget deficit. D. recessionary gap.
Economics