If the Fed reduces its discount rate, the problem being addressed is more likely to be inflation than recession

When import restrictions are placed on a good, and as a result the price of the good increases, the demand curve for that good will

A) shift rightward. B) shift leftward. C) become steeper. D) be unaffected.

The entry of new firms into a competitive industry in the long run has the effect of

a. driving up long-run equilibrium price b. eliminating economic profits c. reducing equilibrium quantity d. making the demand curve facing each firm more inelastic e. shifting the cost curves for each firm by an amount equal to total cost divided by the number of firms