Why doesn't the Phillips curve represent a permanent trade-off between unemployment and inflation in the long run? A. In the long run, aggregate demand sets the price level. B. In the long run, aggregate supply is upward sloping. C. In the long run, aggregate supply is vertical. D. "In the long run, we're all dead."
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When the benefit of one particular use of a resource is greater than the opportunity cost, then that resource is which of the following? a. not scarce b. being used efficiently c. a normal good d. non-excludable
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