All large firms have monopoly power.
Answer the following statement true (T) or false (F)
False
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How is the short run response to a change in demand or cost condition different from the long run response in a perfectly competitive market?
A central bank sets out to reduce unemployment by changing the money supply growth rate. The long-run Phillips curve shows that in comparison to their original rates, this policy will eventually lead to
a. an increase in both the inflation rate and the unemployment rate. b. an increase in the inflation rate and a reduction in the unemployment rate. c. no change in either the inflation rate or the unemployment rate. d. an increase in the inflation rate and no change in the unemployment rate.
A key assumption of public choice economics is that government officials are:
A. not rational. B. rational and respond to incentives. C. trying to do only what is best for society. D. not influenced by incentives.
A capital good is
A. a good that should increase in value over time. B. an intermediate product and therefore not part of GDP. C. a good that lasts more than three years. D. a good that is used to make other goods and services.