According to the Phillips curve, policymakers would reduce inflation but raise unemployment if they

If we use a narrow definition of monopoly, then a monopoly is defined as a firm

A) that has the largest market share in an industry. B) that can ignore the actions of all other firms because it produces a superior product compared to its rivals' products. C) that can ignore the actions of all other firms because it produces a product for which there are no close substitutes. D) that has been granted special production rights by the government.

Dynamic tax analysis generally predicts

A) that the higher the tax rate is, the higher the tax revenue will continue to be into the future. B) that the higher tax rates lead to higher revenues only to a point at which revenues will begin to decrease due to a diminishing tax base. C) that lower tax rates will always and continuously lead to increased tax revenues. D) that lower tax rates are always going to lead to decreased tax revenues.