Long-run macroeconomic equilibrium occurs when the aggregate demand curve ________ the short-run aggregate supply curve, and they ________ the long-run supply curve
A) intersects; intersect at a point to the right of
B) intersects; intersect at a point on
C) is steeper than; intersect at a point to the left of
D) is flatter than; intersect at a point to the right of
Answer: B
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For a linear demand curve
A. elasticity is constant along the curve. B. elasticity is unity at every point on the curve. C. demand is elastic at high prices. D. demand is elastic at low prices.
If the x-axis variable increases while the y-axis variable decreases, the variables x and y are negatively related
Indicate whether the statement is true or false
When the marginal revenue curve cuts the horizontal axis,
A) demand is relatively elastic. B) demand is relatively inelastic. C) demand is perfectly elastic. D) demand is unitary elastic.
Which of the following is not an example of an economic policy that affects the level of unemployment?
A. Minimum wage law. B. Efficiency wages. C. At-will employment policies. D. Title IX.