People who often impose cost on the majority in order to benefit certain groups are called:

The above figure shows the market for steel ingots. An externality can be seen because

A) the social marginal cost exceeds the private marginal cost. B) the private marginal cost exceeds the social marginal cost. C) the optimal quantity of steel is zero. D) not enough steel gets produced by the competitive market.

The shape of the long-run Phillips curve suggests that over a long time horizon there is a magnified trade-off between the unemployment rate and inflation

a. True b. False Indicate whether the statement is true or false