If a coin toss comes up heads five times in a row, on the sixth flip the odds are better that this coin will come up tails

Gordon argues that individual workers and firms prefer long-term contracts, but that such contracts

A) raise the costs of doing business, a macroeconomic externality. B) insure that output alone is adjusted as AD changes and therefore, such contracts impose high costs of output and employment instability on society. C) insure that the price level alone is adjusted as AD changes and therefore, such contracts impose high costs of output and employment instability on society. D) insure a macroeconomic externality, rigid unemployment.

According to the theory of creative destruction, the greatest threat to a monopolist producer of electric typewriters is likely to be

a. government regulation b. international competition c. the entry of new electric typewriter producers d. growth in the computer industry e. stockholders demanding increased efficiency