When a movement up along the aggregate supply curve occurs, there is also
A) no movement along nor a shift in the short-run Phillips curve.
B) a rightward shift of the short-run Phillips curve.
C) a movement up along the short-run Phillips curve.
D) a movement down along the short-run Phillips curve.
E) a leftward shift of the short-run Phillips curve.
C
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In the basic two-period model,
A) credit markets have frictions. B) the government borrows at a lower interest rate than do consumers. C) some consumers will always default on their debts. D) consumers do not default on their debts.
A firm in an oligopolistic industry has the following demand and total cost equations:
P = 600 - 20Q and TC = 700 + 160Q + 15Q2 Calculate: a. quantity at which profit is maximized b. maximum profit c. quantity at which revenue is maximized d. maximum revenue e. maximum quantity at which profit will be at least $580 f. maximum revenue at which profit will be at least $580
According to the above figure, if steel mills ignore the cost of pollution, the equilibrium quantity of steel will most likely be
A) Q1. B) Q2. C) Q2 - Q1. D) none of the above.
A firm produces 300 units of output at a total cost of $1,000 . If fixed costs are $100,
a. average fixed cost is $10. b. average variable cost is $3. c. average total cost is $4. d. average total cost is $5.