The long-run supply curve in a competitive market is upward-sloping
Indicate whether the statement is true or false
False. The shape of the long-run supply curve will depend on how similar the firms are and on the relationship between factor prices and total industry output.
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Which of the following was NOT an issue that the United States. had with the Kyoto Protocol?
a. Major U.S. trading partners (such as China and India) are exempt from the provisions—not fair! b. Europe's targets were set ridiculously low. c. We don't really know if pollution causes global warming. d. There are less costly ways to deal with environmental problems.
The long-run Phillips curve shows the relationship between the ________ and the ________ when there is no ________ unemployment
A) inflation rate; employment rate; seasonal B) inflation rate; unemployment rate; cyclical C) inflation rate; unemployment rate; structural D) nominal interest rate; real interest rate; frictional E) nominal interest rate; unemployment rate; cyclical