In the market for reserves, when the federal funds rate is above the interest rate paid on excess reserves, the demand curve for reserves is

Moving upward along the aggregate supply curve is equivalent to

A) moving downward along the short-run Phillips curve. B) shifting the short-run Phillips curve leftward. C) shifting the short-run Phillips curve upward. D) moving upward along the short-run Phillips curve. E) shifting the short-run Phillips curve rightward.

If a firm experiences constant returns to scale at all output levels, then its long-run average total cost curve would

a. slope downward. b. be horizontal. c. slope upward. d. slope downward for low output levels and upward for high output levels.