On a Phillips curve diagram, an increase in the rate of inflation, other things being equal, is represented by a(n):
a. upward movement along the Phillips curve.
b. downward movement along the Phillips curve.
c. upward shift of the Phillips curve.
d. downward shift of the Phillips curve.
a
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If the price of a product being sold in a perfectly competitive market decreases
A) the MRP curve shifts to the left. B) the MRP curve shifts to the right. C) the MFC curve shifts to the right. D) the MFC curve shifts to the left.
What is an entrepreneur, and what decisions does an entrepreneur make in a market system?
What will be an ideal response?
Which of the following is not a characteristic of monopolistic competition?
A) There are many buyers and sellers. B) There are low barriers to entry. C) Average revenue is equal to price. D) The products sold by all firms are identical.
Stock market price quotations best exemplify money serving as a:
A. store of value. B. unit of account. C. medium of exchange. D. index of satisfaction.