Which of the following is true of the shape of the long-run Phillips curve?
a. It is horizontal
b. It is vertical.
c. It is downward sloping.
d. It is upward sloping.
b
Economics
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In the long run, competitive firms MUST be profit maximizers because if they do not maximize profits,
A) they will not survive. B) they will not be price takers. C) they will attract entry. D) the profits that they do earn will only cover variable costs.
Economics
Whatever functions as money must be _____
a. authorized by the government b. accepted as deposit by banks c. backed by precious metals like gold or silver d. completely indestructible e. limited in supply
Economics