In 1968, economist Milton Friedman published a paper criticizing the Phillips curve on the grounds that
a. it seemed to work for wages but not for inflation.
b. monetary policy was ineffective in combating inflation.
c. the Phillips curve did not apply in the long run.
d. Phillips had made errors in collecting his data.
c
Economics
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The marginal product of labor is the
a. cost of one worker b. average output per worker c. change in revenue from selling one more unit of output d. change in revenue from using one more unit of labor e. change in output from using one more unit of labor
Economics
What is true of marginal cost when marginal returns are increasing?
a. It is negative and increasing. b. It is negative and decreasing. c. It is positive and increasing. d. It is positive and decreasing. e. It is positive and has a constant slope.
Economics