An increase in inflation will cause the long-run aggregate supply curve to:
What will be an ideal response?
not shift at all.
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The largest component of output growth in the U.S. is
a. labor productivity growth. b. capital growth c. labor growth. d. knowledge growth. e. None of the above.
A deadweight loss occurs in a
A) monopoly. B) perfectly competitive market. C) market in which the market clearing price of a good equals the marginal cost of producing it. D) market in which the market clearing price of a good is below the marginal cost of producing it.
Which of the following was a major omission from Ulrich B. Phillip's proxy for the rate of return in slavery?
a. The price of cotton b. The price of slaves c. The number of slaves d. The productivity of slaves e. The maintenance cost of slaves
Suppose that firms in a competitive industry are earning positive economic profits. All else equal, in the long run, we would expect the number of firms in the industry to
a. increase. b. decrease. c. remain the same. d. We do not have enough information with which to answer this question.