Which of the Following Is True About U

question 162

Multiple Choice

Which of the following is true about U.S.business cycle activity since 1933?

• A)There has been only one business cycle in the last 30 years.
• B)There have been only two or three complete cycles.
• C)There have been no recessions since 1979.
• D)Expansions have generally lasted longer than contractions.
• E)Each cycle has lasted longer than the previous one.

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Definitions:

Labor Demand Curve

A graph depicting the quantity of labor that employers are willing to hire at various wage levels, typically showing an inverse relationship between wages and the quantity of labor demanded.

Monopolistic Seller

A monopolistic seller refers to a market participant that has exclusive control over a market for a particular product or service, facing no competition.

Purely Competitive Seller

A seller in a market where there are many sellers and buyers, each selling a homogeneous product, and no one can influence the market price.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, used to make employment decisions.