During the Deep Recession of 2008-2010

question 193

Multiple Choice

During the deep recession of 2008-2010,

• A)the service industry was hardest hit.
• B)job loss was severe in the manufacturing and housing industries.
• C)education and healthcare were hardest hit.
• D)the U.S.saw productivity rise in manufacturing due to increased layoffs.

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Definitions:

Perfectly Competitive

A market structure where there are many buyers and sellers, all of whom have full and symmetric information, and there are no barriers to entry or exit.

Level of Output

The total quantity of goods or services produced by a firm, industry, or economy within a specific period.

Average Total Cost

The total cost of production divided by the total quantity produced.

Marginal Cost

Marginal cost is the cost incurred by producing one additional unit of a product, highlighting the concept of incremental spending in production.