What does the natural-rate hypothesis claim?
That eventually unemployment returns to its long run level regardless of the rate of inflation.
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An industry in which its firms' cost structures do not vary with changes in production is referred to as a
A. price-taking industry. B. constant-cost industry. C. price-controlled industry. D. fixed-price industry.
In an indifference curve/budget line diagram, a consumer will select the combination of goods that is on the budget line and for which the
A) marginal rate of substitution between two goods is equal to the relative price of the two goods. B) marginal rate of substitution between two goods is greater than the relative price of the two goods. C) slope of the indifference curve is less than the relative price of the two goods. D) slope of the indifference curve is greater than the relative price of the two goods.
Market economies tend to grow more quickly than centrally-planned economies
Indicate whether the statement is true or false
In a monopoly market, no dominant strategies are possible.
Answer the following statement true (T) or false (F)