Suppose that the competitive market for rice in Japan was suddenly monopolized. The effect of such a change would be:
A) to decrease the price of rice to the Japanese people.
B) to decrease the consumer surplus of Japanese rice consumers.
C) to decrease the producer surplus of Japanese rice producers.
D) a welfare gain for the Japanese people.
E) increase the consumption of rice by the Japanese people.
B
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An increase in expected inflation shifts the
a. short-run Phillips curve right. b. short-run Phillips curve left. c. long-run Phillips curve right. d. long-run Phillips curve left.
The short-run Phillips curve intersects the long-run Phillips curve where
a. the actual rate of inflation equals the expected rate of inflation. b. the actual rate of unemployment equals the natural rate of unemployment. c. Both A and B are correct. d. None of the above is correct.