One of the distinguishing differences between periods of low inflation and periods of high inflation is that
A. low inflation periods are short lived.
B. high inflation periods are short lived.
C. high inflation periods are long lived.
D. low inflation leads to high inflation.
Answer: B
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For a monopolistically competitive firm in long run equilibrium: a. marginal revenue equals marginal cost and price equals average cost
b. the economic profits it is earning will soon be competed away by entry. c. accounting profits are zero and price equals marginal cost. d. marginal revenue equals marginal cost and average total cost is minimized.
Possible causes of an upward-sloping demand curve are:
a. consumers judge the quality of a product based on quality b. consumers judge the quality of a product based on price c. consumers purchase a product based on snob appeal d. a and b are true e. b and c are true