True/False. Explain. In the long run as new firms ever the monopolistically competitive industry, the profit of the existing firms is driven down to zero. Thus, monopolistically competitive industries are efficient in the long run.

Any point on a country's production possibilities frontier represents a combination of two goods that an economy:

In each of the following, what happens to the unemployment rate? does the unemployment rate give an accurate impression of what’s happening in the labor market? a. esther lost her job and begins looking for a new one. b.sam, a steelworker who has been out of work since his mill closed last year, becomes discouraged and gives up looking for work. c.dan, the sole earner in his family of 5, just lost his $90,000 job as a research scientist. immediately, he takes a part-time job at starbucks until he can find another job in his field.

Arecession is defined as a period in which