4. Marsha qualifies for the recovery rebate credit of $500 for Shelby. True are false

During which of the following phases of the business cycle does the real gdp fall? a. trough b. expansion c. contraction d. peak

An economic theory that calls for workers to take control of factories is .

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.