Based on the theory of the expectations-augmented Phillips curve, if the expected inflation rate is 2%, the short-run Phillips curve will
A) have a kink at an inflation rate of 2%.
B) be the same as the long-run Phillips curve.
C) intersect the long-run Phillips curve at the natural unemployment rate, when the inflation rate is 2%.
D) be horizontal at an expected inflation rate of 2%.
C
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a. average revenue equals average total cost b. average revenue equals average variable cost c. marginal revenue equals average total cost d. marginal revenue equals marginal cost e. marginal cost equals average total cost
________: the monetary value of a nation's merchandise exports minus the value of merchandise imports for a given period of time
Fill in the blank(s) with correct word