If an Increase in Inflation Permanently Reduced Unemployment, Then

question 49

Multiple Choice

If an increase in inflation permanently reduced unemployment, then

• A)money would not be neutral and the long-run Phillips curve would slope upward.
• B)money would not be neutral and the long-run Phillips curve would slope downward.
• C)money would be neutral and the long-run Phillips curve would slope upward.
• D)money would be neutral and the long-run Phillips curve would slope downward.

Apply the midpoint formula for calculating elasticity.

Recognize the importance of percentage changes in price and quantity in determining elasticity.

Analyze how elasticity affects total revenue.

Identify factors that influence demand elasticity.

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