The demand curve for a monopolist's output is
a. horizontal.
b. shallower than the market demand curve.
c. steeper than the market demand curve.
d. identical to the market demand curve.
D
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The short-run Phillips curve shows the relationship between the
A) inflation rate and the unemployment rate. B) inflation rate and the nominal interest rate. C) natural unemployment rate and the expected inflation rate. D) natural unemployment rate and the real interest rate. E) expected inflation rate and the unemployment rate.
In the short run ________
A) the more flexible wages and prices are, the more inflation responds to the output gap B) the more sticky wages and prices are, the more difficult to tell the difference between the short run and long run aggregate supply curves C) if wages and prices are sticky, aggregate output is always at its potential level D) all of the above E) none of the above
Which of the following statements is not true about the economy of the Middle Colonies?
a. It was a net importer of food. b. The farms were generally smaller than those in the South. c. Wheat and flour were exported from this region. d. Its main agricultural products were grains.
Suppose a consumer is spending his or her entire budget. In order to obtain the most satisfaction from his or her purchases, all goods should:
a. provide the same marginal utility per dollar. b. be consumed in equal quantities. c. have identical marginal utilities. d. give the consumer matching amounts of total utility.