The natural rate of unemployment is that rate at which the economy achieves its potential real GDP
a. True
b. False
Indicate whether the statement is true or false
True
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In economics, the short run is the time frame in which the quantities of ________ and the long run is the period of time in which ________
A) some factors of production are variable; the quantities of all factors of production are fixed B) all factors of production are variable but technology is fixed; technology is variable C) all factors of production are fixed; the quantities of all factors of production can be varied D) some factors of production are fixed; the quantities of all factors of production can be varied
It is often observed that the prices charged for gasoline by the various gas stations in a particular city tend to move together very closely. Is this an example of tacit collusion that should be prosecuted in the United States? Why or why not?
What will be an ideal response?