The short-run Phillips curve is a curve that shows the relationship, other things being constant, between ________ and ________
A) the inflation rate; the nominal interest rate
B) the inflation rate; the expected inflation rate
C) the unemployment rate; real GDP
D) potential GDP; the natural unemployment rate
E) the inflation rate; the unemployment rate
E
Economics
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Explain how a legal cartel theory of regulation can be similar to a cartel
What will be an ideal response?
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In response to a cost-reducing technological breakthrough in the production of its product, a profit-maximizing monopolist will normally:
A. Increase price and decrease production B. Not change its level of output or price C. Decrease the price it charges for its product D. Increase its output and practice price discrimination
Economics