A Repetitive Loop of Observable Communication with a Redundant Outcome

question 16

Multiple Choice

A repetitive loop of observable communication with a redundant outcome is called:

• A)a toxic triangle.
• B)a microevent.
• C)a coalition.
• D)a system.
• E)an isolate.

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Definitions:

Long Run Equilibrium

An economic condition where all factors of production and costs are variable and the market is fully adjusted to any changes.

Short Run Equilibrium

A situation in economics where demand and supply are balanced at current prices within a short timeframe.

Contractionary Gap

A situation where the real GDP is lower than the potential GDP at full employment, indicating underutilized economic resources.

Expansionary Gap

An economic situation where the actual output exceeds the potential output, often leading to inflation.