Complete the following short-run cost table using the information provided
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
In an oligopoly, there are
A) many firms and barriers to entry. B) many firms and no barriers to entry. C) few firms and barriers to entry. D) few firms and no barriers to entry. E) barriers to entry and only one firm.
When output rises, unemployment falls
a. True b. False Indicate whether the statement is true or false
Resources are
A. unlimited. B. used to produce goods and services to satisfy people's wants. C. what people would buy if their income was unlimited. D. able to be replicated in large quantities.