In the long run, there is a no tradeoff between inflation and unemployment

Productive efficiency occurs in perfect competition because the firm produces at the minimum of the: a. average fixed cost curve

b. average variable cost curve c. average total cost curve d. marginal revenue curve.

The percentage of consumer income spent on durable goods, nondurable goods and services have changed between 1955 and 2007 as follows:

A. Percentage spent on services has declined. B. Percentage spent on durable goods has increased. C. Percentage spent on nondurable goods and durable goods has decreased. D. Percent spent on durable goods and services has increased.