The vertical part of the aggregate supply curve is the _____ range.
Fill in the blank(s) with the appropriate word(s).
classical
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If real GDP increases we know for sure that
A) prices have risen but output has remained constant. B) output has risen. C) prices have remained constant. D) prices have risen.
By measuring the price elasticity of demand in terms of percentage changes, economists are able to compare the way consumers respond to changes in the prices of different products
a. True b. False Indicate whether the statement is true or false
Economic profit is the same as normal profit
Indicate whether the statement is true or false
Which of the following is correct according to the long-run Phillips curve?
a. No government policy, including changes in the money supply growth rate, can change the natural rate of unemployment. b. Changes in the money supply growth rate are the only means by which government policy can change the natural rate of unemployment. c. Monetary policy cannot change the natural rate of unemployment, but other government policies can. d. Monetary policy and other government policies can shift the long-run Phillips curve.