Workers’ reluctance to take nominal pay cuts offers a feasible explanation of why the Phillips Curve relation breaks down when there is deflation.
a. true
b. false
Answer: a. true
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A perfectly competitive firm's short-run supply curve is the same as its
A) ATC curve. B) MR curve. C) AVC curve. D) MC curve above the minimum of the AVC curve.
Governmental rules that significantly promoted entrepreneurship first became prominent during the
a. Great Recession. b. Age of Enlightenment. c. Great Depression. d. Industrial Revolution.
In a monopolistically competitive market,
A. firms are small relative to the total market. B. no firm has any market power. C. there is easy entry and exit in the market. D. a and b E. a and c
Refer to the graph below. All of the following development would allow a movement from point C to a point outside the production possibilities curve, except:
A. An increase in the supply of resource
B. An improvement in the quality of resources
C. A reduction in unemployment of resources
D. A technological advance