Cross-country figures indicate that
a. countries with high rates of monetary growth also experience high inflation.
b. countries with high rates of monetary growth experience low inflation.
c. monetary growth rates and inflation are unrelated.
d. inflation is primarily the result of restrictive monetary policy.
A
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Carefully explain if the following statements are true, false, or uncertain
a. If average cost is increasing, marginal cost must be increasing. b. If there are diminishing returns, the marginal cost curve must be positively sloped. c. Marginal costs decrease as output increases because the firm can spread fixed costs over more units.
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting only when:
A. firms stop leaving the industry. B. firms stop entering the industry. C. the firm raises its price. D. the firm lowers its price.