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:

Economies of Scale

A concept in economics that describes the cost advantage that arises with increased output of a product, leading to a decrease in the per-unit fixed cost as the scale of production is enlarged.

Downturn in Economy

A period when economic activity is declining, marked by decreased spending and increased unemployment.

Regulatory Changes

Modifications or updates to the rules and regulations that govern industry practices and standards.

Market Competition

The rivalry among businesses to attract customers, aiming to increase market share by offering better products, prices, or services.