A monopolist firm may be more innovative than a competitive firm.
Answer the following statement true (T) or false (F)
True
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The lack of a long-run tradeoff between the unemployment rate and the inflation rate means the long-run Phillips curve is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping. E) U-shaped, with higher inflation initially decreasing unemployment and then increasing it back to the natural unemployment rate.
One reason people store wealth is to help smooth consumption over time
Indicate whether the statement is true or false
The slope of the line in the above figure is
A) 8. B) 0.05. C) 0.125. D) 0.10.
When the monopolistically competitive firm shown in the above figure is at its long-run equilibrium, it will be
A) producing the efficient scale of output and is at point A on the ATC curve. B) producing more than the efficient scale of output and is at point C on the ATC curve. C) producing at less than the efficient scale of output and is at a point such as F on the ATC curve. D) producing the efficient scale of output and is at point B on the MC curve.