During the period _____, the short-run Phillips curve for the United States was farthest from the origin
a. 1960 to 1964
b. 1964 to 1969
c. 1970 to 1973
d. 1974 to 1983
e. 1984 to 1989
d
You might also like to view...
The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. If Light-U-Up is regulated, what is its economic profit if it must follow a marginal cost pricing rule?
A) -$40 B) -$20 C) $0 D) $30
A shift in the supply curve of bicycles resulting from higher steel prices will lead to: a. higher prices of bicycles
b. lower prices of bicycles. c. a shift in the demand curve for bicycles. d. a larger output of bicycles.
Say's Law
a. is valid only in a simple economy without financial markets b. led economists during the 1920s to encourage the government to adopt flawed economic policies that led to the Great Depression c. assures us that in the aggregate, firms are able to sell their output so that full employment can be sustained d. tells us that in the long run, markets clear e. tell us that firms must carefully monitor consumer spending and saving in order not to produce more than consumers are willing to purchase
A firm in short-run equilibrium always earns positive profits if
a. AC > P > AVC. b. AR > AC. c. MR = MC. d. AC > MC.