How does the text distinguish between government and the market?
A) The government is the place around the capital city; the market is everywhere else.
B) The government is populated with publicly-spirited people; the market is populated with selfish people.
C) The government is based on cooperation; the market is based on competition.
D) In all of the above ways.
E) In none of the above ways.
E
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With its goal of price stability, the Fed attempts to
A) keep the inflation rate from falling below 5% and rising above 10%. B) maintain an inflation rate of zero. C) achieve a low, stable inflation rate. D) counteract periods of inflation with periods of deflation.
Use the following graph showing short-run cost curves for a perfectly competitive firm to answer the next question.
At what minimum price would the firm be willing to produce output in the short run?
A. P1 B. P2 C. P3 D. P4