The economy's long-run aggregate supply curve
a. never shifts
b. indicates that in the long run, the price level is constant
c. is shifted by demand shocks
d. is a vertical line at the full-employment level of output
e. is perfectly elastic
D
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Labor productivity is $30 per hour and aggregate hours are 165 billion hours. What does real GDP equal?
What will be an ideal response?
There is no unified economic theory of how to construct the institutions that are central to the success of capitalism
a. True b. False
Marginal revenue is
a. the change in total revenue obtained by selling an additional unit of output b. average revenue per unit of output c. the change in total revenue per unit of cost d. total revenue divided by average revenue e. average revenue divided by marginal cost
A monopolist's supply curve
a. is the upward-sloping portion of its marginal cost curve b. is the portion of its marginal cost curve above AVC c. is parallel to its long run ATC curve d. does not exist because quantity supplied depends on the market demand curve e. is derived from the average variable cost curve