When the price level falls from 135 to 120, the aggregate level of GDP supplied falls from $140 billion to $125 billion. This ________ relationship represents the ________ relationship between GDP and the price level
A) positive; short-run B) negative; long-run
C) positive; long-run D) negative; short-run
A
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Describe the differences between tradeoffs and free lunches in terms of a PPF
What will be an ideal response?
Which of the following is most likely to be a fixed input in the short run for Joe's Garage?
a. the grease used to lubricate cars b. the part-time labor employed to repair cars c. the inventory of replacement parts d. the electricity used to heat and light the garage e. the garage used to repair cars
The largest mergers have been in the ___________ industry.
Fill in the blank(s) with the appropriate word(s).
The long-run marginal cost (LMC) is the increase in the cost incurred by the firm when producing one additional unit of output, holding:
A. neither the workforce nor the production facility constant. B. the workforce and the production facility constant. C. the workforce constant. D. the production facility constant.