Refer to the below graphs. A short-run equilibrium that would produce profits for a monopolistically competitive firm would be represented by graph:
A. A
B. B
C. C
D. D
A. A
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Figure 33-6
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Figure 33-6 (b) illustrates that
A. in the short run, it is possible to “ride the Phillips curve” down toward lower rates of inflation. B. in the short run, it is possible to “ride the Phillips curve” up toward lower unemployment by stimulating aggregate demand. C. the Phillips curve connecting points g, e, and r is not a menu of policy choices. D. All of these responses are correct.
Negative output gap indicates that
A) the actual real GDP is above natural real GDP. B) the actual real GDP is below natural real GDP. C) nominal GDP is above real GDP. D) nominal GDP is below real GDP.
To escape poverty, a country needs
a. Western banks to report deposits by corrupt officials b. to develop laws and regulations to ensure the transparent management of natural resources c. special trade advantages d. ten years of domestic peace e. All of the answers are correct
Unemployment is a:
A. leading indicator, because the business cycle follows it. B. lagging indicator, because the business cycle follows it. C. leading indicator, because it follows the business cycle. D. lagging indicator, because it follows the business cycle.