There is no trade-off between inflation and unemployment when expectations are ________ and policy changes are ________
A) adaptive; anticipated
B) adaptive; unanticipated
C) rational; anticipated
D) rational unanticipated
C
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Refer to the table below. The marginal benefit of the 6th unit of activity is:Units ofActivity TotalCostTotalBenefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. $7 B. $1 C. $2 D. $4
Competition can be beneficial in the public sector because _____
a. it leads to governments going out of business b. comparison gives some clue as to whether a government is operating efficiently c. it eliminates a prisoners' dilemma problem d. a and c
Compared with a normal monopolist, an effective price-discriminating monopolist produces a:
A. smaller output at a lower profit. B. smaller output but at a larger profit. C. larger output but at a lower profit. D. larger output at a larger profit.
Perfectly competitive firms
A. are small relative to the size of the market. B. sell homogeneous products. C. are price takers. D. All of the above are correct.