________: specific form of current production costs that do not vary with the level of output or input use
Fill in the blank(s) with correct word
Shutdown output
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Which of the following is true about the short-run Phillips curve?
a. The Fed can only shift the curve in the short run. b. In the short run, the Fed can shift the curve, but in the long run, the Fed can only move along it. c. In both the short run and the long run, the Fed can only shift the curve, it can never move along the curve. d. In both the short run and the long run, the Fed can only move the economy along the curve; it can never shift the curve. e. In the short run, the Fed can move the economy along the curve, but in the long run, the Fed can only chose which short run Phillips curve to be on.
When there are gains from trade, the trading nations would be worse off if no trade took place
Indicate whether the statement is true or false