Which of the following is true of the business cycle record of the United States?
a. Recessions have been lengthier during the last two decades than was true prior to 1980.
b. Real GDP contracted throughout most of the 1950s.
c. Real GDP in 2000 was approximately the same as 1950.
d. Since 1950, the fluctuations in GDP have been less severe than before 1950.
d
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Unlike a perfect competitor, a monopolist faces the market demand curve
Indicate whether the statement is true or false
Suppose you observe that the price of movie admissions decline and that the number of people attending movies declines as well. If only the demand curve or the supply curve shifts, this suggests that
A) movies are a normal good and incomes have increased. B) high salaries for Hollywood actors have increased the cost of movie making. C) movie theaters have experienced an increase in their operating costs due to increases in the minimum wage. D) admission prices for other types of entertainment, such as live shows and sporting events, have also declined.