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According to the rational expectations school, if the Fed announces a policy of rapid growth in the money supply, but then puts the brakes on money expansion without any announcement, which of the following is likely to be the short-run result?
Marginal-Cost Curve
A graphical representation showing how the cost to produce one additional unit of a good or service changes as production volume changes.
Average-Total-Cost Curve
A curve showing the average total cost of producing different levels of output in the short run.
Punishment
A consequence imposed after an undesirable behavior, aimed at reducing that behavior.
Negative Reinforcement
A behavioral concept where the removal of an unfavorable event strengthens the behavior that led to its removal.
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