If changes in inflation are higher than expected
A) the short-run Phillips curve will be negatively sloped.
B) the short-run Phillips curve will be vertical.
C) the short-run Phillips curve will be positively sloped, but not vertical.
D) the long-run Phillips curve will be negatively sloped.
A
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The firms in a market have decided not to compete with one another and have agreed to limit output and raise price
A) This practice is known as concentrating and is legal in the United States and Canada. B) This practice is known as collusion and is illegal in the United States. C) In this way firms take advantage of economies of scale. D) This is an effective barrier to entry, but is illegal in the United States.
Which of the following is a short run adjustment? a. A bakery hiring two additional bakers
b. Two new firms enter the textile industry. c. Three firms leave the bicycle industry. d. A computer hardware company builds a new factory.