Answer the following statements true (T) or false (F)
1) Productivity growth was greater between 1973 and 1995 than between 1995 and 2012.
2) The economy of 1995-2012 was characterized by greater productivity growth and greater
economic growth than in the immediately preceding two decades.
3) Because of the recent rise in the average rate of productivity growth, the business cycle is
dead.
4) Critics of economic growth say studies show that people are not interested in achieving higher
standards of living.
1) F
2) T
3) F
4) F
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In the long run in monopolistic competition,
a. economic profits are zero. b. P = MC. c. P = minimum ATC. d. firms have an incentive to leave. e. the demand curve is tangent to the MC curve.
Refer to the graph below representing the purely competitive market for a product. When the market is at equilibrium, the consumer surplus would be represented by the area:
A. a + b + c + d
B. a + b + c
C. a
D. b + c