Each of the following is an element of private enterprise, EXCEPT which one?

If the price level rises by 3 percent and workers' money wages increase by 3 percent, then the

A) quantity of labor demand will decrease. B) quantity of labor demand will increase. C) quantity of labor demanded does not change because there is no change in the real wage rate. D) Any of the above could occur depending on the magnitude on the dollar increase in the price level versus the dollar increase in the wage rate.

According to the monetarists, when the expected rate of inflation rises, the short-run Phillips curve

a. shifts upward. b. shifts downward. c. is unaffected. d. None of the above