The Taylor rule predicted a federal funds rate which was ________ that set when Paul Volcker was chairman of the Fed, and a rate which was ________ that set when Arthur Burns chaired the Fed

An increase in supply will cause the equilibrium price to ________ and the equilibrium quantity to ________

A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease

Average total costs are

A) total costs divided by total output. B) total output divided by total costs. C) the change in total costs divided by the change in output. D) the change in output divided by the change in total costs.