Why is the long-run aggregate supply curve a vertical line?
A. At that level of real GDP, the production costs are at their lowest level.
B. At that level of real GDP, the unemployment rate is 0 percent.
C. At that level of real GDP, production costs have fully adjusted to price changes.
D. At that level of real GDP, the inflation rate is 0 percent.
Answer: C
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Under the Bretton Woods system, a fixed exchange rate supported by central banks was known as a(n) ________ exchange rate
A) equilibrium B) par C) fundamental D) target
Suppose the current price of copper is $3 per pound and the quantity supplied is 200 pounds per day
If the price of copper falls to $2.50 per pound, the quantity supplied drops to 180 pounds per day. Use the midpoint formula to calculate the price elasticity of supply for copper.
A jar has 20 red jelly beans and 40 black jelly beans. If you pick a red jelly bean and put it back, what are the odds of picking a red jelly bean next?
A) 20/40 B) 20/60 C) 40/60 D) 0
What can be understood through the production function?
a. the monetary cost of inputs in relation to the sale price of outputs b. how many inputs are needed to produce a certain number of outputs c. the rate of change in output per added input compared with the change in cost d. the intrinsic value of operating the firm versus the firm’s monetary profits