If people expect economic fluctuations to be permanent and caused primarily by supply-side shifts, then the result is likely to be a positive relationship between the inflation rate and the unemployment rate.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Which of the following is true?
a. If the consumer is a buyer of several units of a good, the earlier units will have greater marginal value and therefore create more consumer surplus, because marginal willingness to pay falls as greater quantities are consumed in any period.
b. When some units of output can be produced at a cost that is lower than the market price, the seller receives a surplus, or net benefit, from producing those units.
c. At the market equilibrium both consumers and producers benefit from trading every unit up to the market equilibrium output.
d. All of the above are true.
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