Perfect competitors produce goods that are
a. highly differentiated
b. differentiated by firm
c. poor substitutes for each other
d. identical
e. unique
D
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The short-run aggregate supply curve is positively sloped. Which of the following is not one of the explanations given in the text?
a. the misperception effect b. Sticky wage theory c. market effect d. All of the above are explanations of the profit effect.
Answer the following statements true (T) or false (F)
1) A shift in the Phillips Curve to the left will improve the short-run inflation-unemployment choices available to society. 2) A rightward and upward shift of the Phillips Curve is consistent with the occurrence of stagflation. 3) There is no trade-off between unemployment and inflation in the long run. 4) There is no trade-off between unemployment and inflation in the long run. 5) The Laffer Curve underlies the contention that lower tax rates need not reduce tax revenues.