If due to inflation the real value of your savings makes you worse off than you were before, this is an example of the _____ effect
Fill in the blank(s) with the appropriate word(s).
wealth
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After an unexpected ________ in the price of oil, the long-run adjustment decreases the price level and ________ the unemployment rate as they return to their original levels
A) increase; increases B) increase; decreases C) decrease; decreases D) decrease; increases
Although both perfectly competitive and monopolistically competitive firms earn normal profits in the long run, monopolistically competitive firms will not
a. operate where price equals marginal cost b. charge a higher price than firms in perfect competition c. produce a smaller quantity than firms in perfect competition d. produce where price equals average total cost e. exit when demand falls below long-run average costs
Inflation is the increase in:
A. total output. B. total output per worker. C. imports relative to exports. D. the general level of prices.
Which of the following industries does not fit the natural monopoly model?
A. Natural gas B. Cable TV C. Electricity D. Fast food restaurants