What is the aspect of imperfect competition that is most distinct from perfect competition?

Suppose that technological advancement makes labor more productive. What is likely to happen to wages and to potential output?

A) Wages decrease and potential output increases. B) Wages decrease and potential output decreases. C) Wages increase and potential output increases. D) Wages increase and potential output decreases.

Stagflation refers to a situation in which the economy is experiencing:

A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.