A depression can be defined as:
a. a mild reduction in total production coupled with a rising unemployment rate that lasts for several years.
b. a mild decline in total production that lasts less than six months
c. a severe fall in stock prices that causes financial panic and lasts for several years.
d. a severe reduction in total production coupled with high unemployment that lasts for several years.
e. a decline in government spending and taxes that lasts for several months.
d
Economics
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In the figure above, suppose the market is at equilibrium. Then area A is the
A) marginal benefit. B) marginal cost. C) amount of the consumer surplus. D) amount of the producer surplus. E) deadweight loss.
Economics
The responsiveness of suppliers to changing prices is called the:
a. cross elasticity. b. supply elasticity. c. supply period. d. long-run. e. market-day.
Economics