What impact does expansionary monetary policy have on the short-run Phillips curve if consumers and firms expect the expansionary monetary policy to increase inflation?

A perfectly competitive industry is in long-run equilibrium. Some firms in the industry adopt new technology that reduces the average total cost of producing the good

In the long run, the price is ________, firms with the new technology make ________ economic profit, and firms with the old technology ________. A) lower; zero; exit the industry B) constant; a positive; make zero economic profit C) lower; zero; switch to the new technology or exit the industry D) constant; zero; exit the industry

The Laffer curve illustrates the concept that

a. an increase in marginal tax rates will always cause tax revenues to increase. b. an increase in marginal tax rates will always cause tax revenues to decrease. c. when marginal tax rates are quite high, a decrease in the tax rate may cause tax revenues to increase. d. when marginal taxes are quite low, an increase in the tax rate will probably cause tax revenues to decline.