If the Fed reduces inflation 1 percentage point and this makes output fall 5 percentage points and unemployment rises 2 percentage points for one year, the sacrifice ratio is

A firm will choose to minimize their costs subject to their ______________

Fill in the blank(s) with the appropriate word(s).

In which of the following cases does the tragedy of the commons occur? I. Cattle grazing on private ranches. II. Catching lobsters off the coast of Florida. III. Raising salmon on salmon farms. IV. Using legal services provided by the courts

A) I only B) II only C) II and III only D) I and IV only