The long-run Phillips curve is a vertical line because
A) there is no relationship between the natural unemployment rate and the inflation rate.
B) real GDP does not depend on the unemployment rate.
C) in the long run, the natural unemployment rate increases when inflation increases.
D) the unemployment rate decreases when the inflation rate increases.
E) the natural unemployment rate only depends on the inflation rate.
A
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Price of Good X(Px)Quantity of Good X(Qx)Own Price ElasticityTotal Revenue01000.000590-0.11450A80-0.258001570-0.4310502060-0.6712002550C125030B-1.5012003530-2.3310504020-4.00D4510-9.00450500-?0The demand function in the accompanying table is QXd = 100 ? 2PX. Based on this information, compute the total revenue when QX = 20 (point D).
A. $800 B. $900 C. $750 D. $850
Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. Which technology is the least labor intensive?
A. A B. B C. C D. D