Which of the following is upward-sloping?
a. both the long-run and the short-run Phillips curve
b. neither the long-run nor the short-run Phillips curve
c. the long-run Phillips curve, but not the short-run Phillips curve
d. the short-run Phillips curve, but not the long-run Phillips curve
b
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Suppose that last year the unemployment rate was 5 percent and the inflation rate was 2.5 percent. If the natural rate of unemployment is 5 percent, how do you expect inflation to change?
What will be an ideal response?
In the long run in monopolistic competition, the demand curve facing the typical firm
a. is perfectly elastic b. slopes upward c. is tangent to the firm's average total cost curve d. lies above the firm's average total cost curve e. is the same as the portion of the firm's marginal cost curve above average variable cost
If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor and employers increasingly used efficiency wages, it would ___ unemployment and ____ the natural rate of unemployment: a. Increase; increase
b. Increase; not change. c. Not change, increase. d. Do none of the above.
Refer to Table 8.2. If Sherry produces two pairs of earrings, her marginal cost is A) $40. B) $45. C) $72.50. D) $122.50.