Refer to Figure 10.2. In moving from the competitive level of output and price to the monopoly level of output and price, the deadweight loss is the area:

If inputs into production cannot be substituted for each other but have to be employed in fixed proportions isoquants are straight, downward-sloping lines

Indicate whether the statement is true or false

Suppose a recession surprises economic forecasters who did not see it coming. This is an example of a _____

a. cyclical lag b. recognition lag c. decision-making lag d. implementation lag e. effectiveness lag