Refer to Figure 17-8. A typical long-run Phillips curve would have the appearance of a curve running through points

To equalize traffic on transportation routes, a pricing arrangement called "peak, off-peak pricing" would most likely be proposed by

a. economists. b. politicians. c. regulators. d. the general public.

A firm produces its product using both capital and labor. When it does not change its capital usage, but doubles its labor input, its output increases by less than 50 percent. Which of the following is the most likely explanation of this finding?

A. the principle of opportunity cost B. the principle of diminishing returns C. the marginal principle D. the spillover principle