Figure 17-4 -Refer to Figure 17-4. in This Order, Which Curve Is

question 189

Multiple Choice

Figure 17-4

-Refer to figure 17-4. In this order, which curve is a long-run Phillips curve and which is a short-run Phillips curve?

• A) A, B
• B) A, D
• C) C, B
• D) None of the above is correct.

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Definitions:

Price Ceiling

A legally imposed limit on how high a price for a good, service, or commodity can be charged.

Market Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the good all suppliers are willing and able to produce, holding other factors constant.

Supply Reduction

Actions or policies designed to decrease the amount of goods or services available in the market.

Minimum Wage Laws

Regulations established by governments that set the lowest hourly wage rate that employers can legally pay their workers.