The economy's long-run aggregate supply curve:
A. slopes upward and to the right.
B. is vertical.
C. is horizontal.
D. slopes downward and to the right.
B. is vertical.
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All of the following are considered natural resources EXCEPT
A) a redwood forest. B) labor. C) gold. D) a coral reef.
Welfare capitalism is an economic system in which:
A. laissez-faire operates unimpeded. B. government owns all of the means of production. C. markets operate, but government regulates markets significantly. D. markets operate without government regulation.
The elasticity closest to unit elastic would be
A. 0. B. 0.2. C. 1.4. D. 5.
The economist who argued that most prices in a mixed economy are set by the nation's largest corporations was
A. Adam Smith. B. Karl Marx. C. John Maynard Keynes. D. John Kenneth Galbraith.