A cartel is a formal agreement among firms to control price and output of a product

Suppose the current price of copper is $3 per pound and the quantity supplied is 200 pounds per day

If the price of copper falls to $2.50 per pound, the quantity supplied drops to 180 pounds per day. Use the midpoint formula to calculate the price elasticity of supply for copper.

If inflationary expectations are stable and there is no current inflation, the short-run Phillips curve will intersect the long-run Phillips curve at: a. a 0 percent unemployment rate

b. a 2 percent unemployment rate. c. a 4 percent unemployment rate. d. the natural rate of unemployment.