A monopoly sells 10 units of output at $10. If the MR of the 11th unit is $4.50, then the price of the 11th unit is

Referring to Figure 19.2, the effect of a decrease in U.S. prices is represented by a movement from point

A) a to d. B) d to a. C) b to c. D) a to b.

Suppose the economy is in equilibrium with an output gap equal to zero and the actual inflation rate equals the expected inflation rate

If the economy experiences a negative demand shock, real GDP will become ________ potential GDP and the economy will move to the ________ along an existing Phillips curve. A) greater than; right B) greater than; left C) less than; right D) less than; left