In the above figure, what factor might have caused the shift in the short-run Phillips curve from SRPC1 to SRPC2?
What will be an ideal response?
The long-run Phillips curve did not shift. Therefore the factor that shifted the short-run Phillips curve was an increase in the expected inflation rate.
Economics
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Recessions are generally measured as a ________ in ________
A) rise; real GDP B) fall; real GDP C) rise; nominal GDP D) fall, nominal GDP
Economics
Assume that for a particular firm's output price = $80, marginal cost = $30, average total cost = $25. This information suggests that the firm in question has:
A) no market power. B) very little market power. C) a fair degree of market power. D) absolute market power.
Economics