If inflation expectations decline, then the short-run Phillips curve shifts
a. left, so that at any inflation rate unemployment is lower in the short run than before.
b. right, so that at any inflation rate unemployment is lower in the short run than before.
c. right, so that at any inflation rate unemployment is higher in the short run than before.
d. left, so that at any inflation rate unemployment is higher in the short run than before.
a
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A competitive firm is maximizing its profit by selling 150 units of output. The firm's marginal cost is $8 and its average total cost is $6 . The firm's profit amounts to __________
Fill in the blank(s) with correct word
Given the following budget line, (M = PfF + PsS) show the following by reformulating the equation. Assume F (food) is on the horizontal axis and S (shelter) is on the vertical axis.A. The vertical intercept is ________.B. The horizontal intercept is ________.C. The slope of the budget line is ________.
What will be an ideal response?
The fact that a monopolistically competitive firm does not produce at the minimum ATC can be viewed as the cost of generating
a. product differentiation and variety. b. economies of scale. c. homogeneous products. d. All of the above
Refer to the information provided in Figure 13.5 below to answer the question that follows. 
Figure 13.5 Refer to Figure 13.5. The Silver Exchange has a monopoly over the sale of solid silver walking sticks. The Silver Exchange has hired you as an economic consultant. You should advise this monopolist to
A. produce in the short run and expand capacity in the long run. B. shut down in the short run and exit the industry in the long run. C. shut down in the short run but expand capacity in the long run. D. produce in the short run but exit the industry in the long run.