There is a technological advance in the production of digital watches. This will cause:

When the natural unemployment rate increases, the short-run Phillips curve ________ and the long-run Phillips curve ________

A) shifts rightward; shifts rightward B) does not shift; shifts leftward C) shifts rightward; does not shift D) shifts leftward; does not shift E) shifts leftward; shifts rightward

According to your authors, the model of perfect competition

A) is an accurate description of real-world markets. B) obscures how plan coordination occurs in the real world. C) explains how economic profits can exist over time. D) explains economic losses better than economic profits.