Refer to Figure 17-2. Suppose the Fed used expansionary policy to push short-run equilibrium to point B. If the short-run equilibrium remained at point B long enough,
A) the economy would move back to point A.
B) the short-run Phillips curve would shift down.
C) the economy would stay at point B in the long run.
D) the short-run Phillips curve would shift up.
D
Economics
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One criticism of the Bertrand pricing model is that
A) the model is implausible when there is product differentiation. B) when there is an oligopoly with no product differentiation, the model's prediction is inconsistent with reality. C) the model's predicted price is solely a function of demand conditions. D) the model's predicted price is dependent on the number of firms.
Economics
________: ability of a nation to specialize in the production of the good for which it has the lowest opportunity cost
Fill in the blank(s) with correct word
Economics