When neo-Keynesians looked at 1970s–1980s inflation and unemployment data, they found
a. not a single Phillips curve, but a set of Phillips curves
b. a relatively well-behaved downward-sloping Phillips curve
c. a vertical Phillips curve, which helped to explain stagflation
d. a Phillips curve that was very similar to the Phillips curve of the 1960s
e. a Phillips curve that behaved like a Laffer curve
A
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Prime Pharmaceuticals has developed a new asthma medicine, for it has a patent. An inhaler can be produced at a constant marginal cost of $2/inhaler
The demand curve, marginal revenue curve, and marginal cost curve for this new asthma inhaler are in the figure above. With its patent giving it a monopoly for its new inhaler, if it is a single-price monopoly, Prime Pharmaceuticals will produce ________ inhalers and set a price of ________ for each inhaler. A) 16 million; $2 B) 10 million; $5 C) 8 million; $6 D) 8 million; $2
Arbitrage refers to the act of
A) buying a product in one market at a low price and reselling in another market at a higher price. B) suing a producer for illegal business practices. C) trading in the foreign exchange market. D) resolving a dispute in front of an arbitrator instead of a court of law.