Which of the Following Is Downward-Sloping

question 83

Multiple Choice

Which of the following is downward-sloping?

• A)both the long-run Phillips curve and the short-run Phillips curve
• B)neither the long-run Phillips curve nor the short-run Phillips curve
• C)the long-run Phillips curve,but not the short-run Phillips curve
• D)the short-run Phillips curve,but not the long-run Phillips curve

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Definitions:

Marginal Cost

Expenses accrued from the creation of one more product or service unit.

Average Total Cost

The total cost of production divided by the number of goods produced, indicating the cost on average of producing each unit of output.

Marginal Revenue

The plus income from the sale of one more unit of a good or service.

Competitive Market

A market structure characterized by a large number of buyers and sellers, where no single entity can dictate prices or terms, leading to an efficient allocation of resources.