In the _______________,The Treatment Has No Effect

question 25

Short Answer

In the _______________,the treatment has no effect.

---

Definitions:

Economic Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, usually visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Pure Competition

Pure competition is a market structure characterized by many sellers and buyers, homogenous products, and free entry and exit from the market, leading to price determination by supply and demand forces.

Socialism

Economic system characterized by government ownership and operation of major industries, such as communications.

Economic Recession

An economic recession is a significant decline in economic activity across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.