Which of the following observations concerning the Phillips curve is not true?
a. They are normally upward-sloping.
b. They are more commonly constructed for price inflation.
c. They depict the inverse relation between wage inflation and unemployment.
d. They depict the rate of unemployment on the horizontal axis.
a
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If it is difficult for a firm to attribute the output it produces to a particular worker then
A) a piece-rate system of compensation will be preferable to a salary system. B) a salary compensation system will be preferable to a commission system. C) its employees are likely to form a union. D) a commission system of compensation will be preferable to a salary system.
When a firm is a price maker
A) price is equal to marginal revenue. B) price is greater than marginal revenue. C) price is less than marginal revenue. D) price is equal to marginal cost.