he long-run aggregate supply curve is the relationship between the quantity of real GDP supplied and ________ when ________.
What will be an ideal response?
the price level when real GDP equals potential GDP
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Refer to the Article Summary. When does the Treasury Department borrow? Why would the Treasury have to borrow more than it estimated, as was indicated by its letter to Congress to raise the debt ceiling? When would the Treasury repay what it borrowed
, and who is it repaying?
The graph of the short-run relationship between the unemployment rate and inflation is called a(n)
A) MP curve. B) LM curve. C) IS curve. D) Phillips curve.
Workers at a bicycle assembly plant currently earn the mandatory minimum wage. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the
a. demand for bicycle assembly workers will increase. b. supply of bicycles will shift to the right. c. supply of bicycles will shift to the left. d. firm must increase output to maintain profit levels.
Firms face trade-offs in production, including decisions related to:
A how much of a particular product to produce. B which products to produce. C the best way to produce a given amount of output. D all of the above