The Recession That Began in 2008 Dispelled the Idea of the Great

question 162

True/False

The recession that began in 2008 dispelled the idea of The Great Moderation.

---

Definitions:

Market Output

The total amount of goods and services produced and offered for sale by all firms in a particular market.

External Cost

Costs that are not borne by the parties involved in an economic transaction but by other members of society.

Efficient Price

A price that reflects all available information and makes the best use of resources, minimizing waste and maximizing value.

Market Output

The total quantity of goods and services produced and supplied by firms in a market at a given price level and time period.