France has a higher natural rate of unemployment than the United States. This suggests that
a. France is at a higher point on its long-run Phillips curve and so has higher inflation than the United States.
b. France is at a lower point on its long-run Phillips curve and so has lower inflation than the United States.
c. France's Phillips curve is to the left of that of the United States, possibly because they have higher inflation.
d. France's Phillips curve is to the right of that of the United States, possibly because they have more generous unemployment compensation.
d
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Mulch is shredded wood and is a by-product in the production of lumber. Because these two goods are produced together, they are
A) complements in production. B) substitutes in production. C) inputs into the same production process. D) not related. E) normal goods in production.
A firm selling in a price-takers' market
A) can reduce its price without thereby lowering its marginal revenue. B) can reduce its price without thereby lowering its total revenue. C) faces a perfectly elastic demand curve. D) has marginal costs equal to marginal revenue at all levels of output.