Refer to the figure above. What is the quantity supplied in the market when the market is supplied by one firm?

One of the reasons why the Phillips curve is no longer viewed as a "menu" of possible choices available to policy makers is that

a. in the 1970s and 1980s there was no inflation at all. b. analysis indicates there was no such "menu" in the 1960s. c. in the 1970s and 1980s much inflation came from the supply side. d. economic theory is unable to explain the curve and, therefore, it has been rejected.

Critics of the huge net returns on, for example, oil production will claim that the returns are

A. interest on the capital investment. B. rents on a natural resource. C. profits on entrepreneurial activity. D. exorbitant and should be taxed away.