According to the theory of efficiency wages, it may be profitable for firms to keep wages high even in the presence of a surplus of labor

As production increases, average fixed cost begins to fall and then begins to rise again

Indicate whether the statement is true or false

The 1960s are remembered by most economists as a period of

a. very high rates of inflation. b. very high rates of unemployment. c. price controls and low inflation. d. noninflationary growth. e. all of the above.