A monopoly will always produce less than a purely competitive industry, ceteris paribus

Give an example of a tax system where the marginal tax rate would equal the average tax rate

When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.

A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline