The short-run Phillips curve shows
A) a tradeoff between the unemployment rate and the inflation rate.
B) a tradeoff between real GDP and unemployment.
C) the expected inflation rate.
D) the natural unemployment rate.
E) potential GDP.
A
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In the above figure, if the natural monopoly is regulated using an average cost pricing rule, but the firm can pad its costs and make the regulator believe its costs are LRAC (inflated), then the price the firm charges will increase from
A) $18 to $24. B) $12 to $24. C) $12 to $18. D) $18 to $36.
Price discrimination is more common in service industries because:
A. Low price buyers will find it virtually impossible to resell the products of such industries to high price buyers B. The costs of providing such industries' products to different groups of buyers vary dramatically C. The price elasticity of demand is the same for all groups of buyers in these industries D. All firms in these industries have significant monopoly power over price