Ongoing inflation means the Fed must respond to
a. an upward-shifting AS curve
b. a downward-shifting AS curve
c. changing interest rate targets
d. a depression
e. a lower real interest rate
A
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Consider the budget line in the above figure. If the consumer's income is $240, then the price of a movie is
A) $24 per movie. B) $12 per movie. C) $10 per movie. D) More information is needed to determine the price of a movie.
If firms in an industry differentiated their products and made economic profits in the short-run, what other characteristic would be important to determine if this is an oligopoly or a monopolistically competitive market?
A) the number of firms in the market B) the number of close substitutes for the good being produced C) the number of buyers in the market D) if the good being sold is a normal or inferior good