Cost-of-living adjustment is a/an ________ in a transfer payment or wage that results in ________ in the price level

To have a monopoly in an industry there must be

A) a public franchise, making the monopoly the exclusive legal provider of a good or service. B) an inelastic demand for the industry's product. C) barriers to entry so high that no other firms can enter the industry. D) a patent or copyright giving the firm exclusive rights to sell a product for 20 years.

The tendency to deviate from sound long-run plans in the short-run is known as ________

A) the failure of adaptive expectations B) the failure of rational expectations C) the time inconsistency problem D) the NIMBY, or not in my backyard problem