In a coin toss bet, where both heads and tails are equally likely, you win a $3 on heads but lose $1 on tails. The expected value of the bet is

The opportunity cost to the firm of producing one more unit of output is also called marginal cost

Indicate whether the statement is true or false

An expansionary monetary policy is most likely to produce an inflationary effect with little impact on output when the economy

a. is near full employment and the short-run aggregate supply curve is flat. b. is near full employment and the short-run aggregate supply curve is steep. c. has substantial unemployment and the short-run aggregate supply curve is steep. d. has substantial unemployment and the short-run aggregate supply curve is flat.