Samuelson and Solow believed that the Phillips curve offered policymakers a menu of possible economic outcomes
a. True
b. False
Indicate whether the statement is true or false
True
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
With perfect price discrimination ________, and production is expanded until marginal revenue equals ________
A) the firm's demand curve becomes its marginal revenue curve; marginal cost B) the firm's demand curve becomes its marginal revenue curve; average total cost C) the firm's marginal revenue curve bisects the angle with which demand intersects the price-axis; marginal cost D) the firm's marginal revenue curve bisects the angle with which demand intersects the price-axis; average total cost E) economic profit is maximized when the lowest price equals marginal cost; average total cost.
Economic discrimination occurs when two equal factors of production are paid differently.
Answer the following statement true (T) or false (F)
If price is between the break-even point and the shutdown point, in the long run the firm will
A. operate. B. shut down. C. stay in business. D. go out of business.