During an expansion, how do inflation and unemployment typically change?
A) Inflation and unemployment both fall. B) Inflation falls and unemployment rises.
C) Inflation and unemployment both rise. D) Inflation rises and unemployment falls.
D
Economics
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The Phillips curve is thought to reflect the relationship between
A) unemployment and inflation. B) the price level and inflation. C) unemployment and real GDP. D) inflation and real GDP.
Economics
Why do most firms in monopolistic competition typically make zero profit in the long run?
A) because the lack of entry barriers would compete away profits B) because the total market is not large enough to accommodate so many firms C) because firms do not produce at their minimum efficient scale D) because firms produce differentiated products
Economics