In the debate between the critics and defenders of advertising, what conclusion have policymakers come to regarding the effect of advertising on competition - advertising makes markets more competitive or less competitive?
more competitive
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Moving upward along the aggregate supply curve is equivalent to
A) moving downward along the short-run Phillips curve. B) shifting the short-run Phillips curve leftward. C) shifting the short-run Phillips curve upward. D) moving upward along the short-run Phillips curve. E) shifting the short-run Phillips curve rightward.
The United Company competes with many other firms each producing slightly different products. Firms freely enter and exit this industry. The type of industry United Company operates in is
A) a monopoly. B) monopolistic competition. C) oligopoly. D) perfect competition. E) oligopolistic monopoly.
Inflation tends to ________ during the expansion phase of the business cycle and ________ during the recession phase of the business cycle
A) decrease; decrease further B) increase; increase further C) increase; decrease D) decrease; increase
If the average price level rises from 120 in year 1 to 130 in year 2, the inflation rate between years 1 and 2 will be:
What will be an ideal response?