Which of the following statement is FALSE?
A. A market may be composed of only one buyer and one seller.
B. Perfectly competitive markets are composed of many buyers and sellers.
C. Some markets may have only a few sellers but exhibit the properties of perfect competition.
D. All of the above statements are correct.
D. All of the above statements are correct.
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The main goal of monetary policy for recent Fed Chairmen has been to maintain high employment in labor markets
Indicate whether the statement is true or false
If the long-run aggregate supply curve is vertical,
A) the trade-off between unemployment and inflation cannot be permanent. B) the short-run Phillips curve must be vertical. C) the economy stays at the natural rate of inflation in the long run. D) unemployment and inflation are positively related in the long run.