Which of the following is true of the shape of the long-run Phillips curve?
a. It is horizontal
b. It is vertical.
c. It is downward sloping.
d. It is upward sloping.
b
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The more inelastic the demand curve, a monopoly
A) will have a smaller Lerner Index. B) will face a lower marginal cost. C) will earn less profit. D) will lose fewer sales as it raises its price.
Normative economics is
A) analysis involving value judgments about economic policies; or a statement of "what ought to be." B) analysis that is strictly limited to making either purely descriptive statements or scientific predictions. C) analysis of the behavior of the economy as a whole. D) decision making undertaken by households and business firms.
If the market supply curve is perfectly elastic and an excise tax is imposed,
a. all of the tax is paid by buyers b. all of the tax is paid by sellers c. the tax burden is divided equally between buyers and sellers d. the market price will not change e. the market price will fall by the amount of the tax
If you wanted to produce an output of 7,000, in the long run you would choose a plant whose size was represented by
A. ATC1.
B. ATC2.
C. ATC3.
D. ATC4.