The short-run aggregate supply curve is upward-sloping, while the long-run aggregate supply curve tends to be vertical.
Answer the following statement true (T) or false (F)
True
In the long run, the output tends to be constant at the level of full employment, whereas in the short run it may vary.
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If Sam does not have a job and is NOT currently looking for work but has looked in the past, he is considered
A) unemployed. B) not in the labor force. C) unemployed and in the labor force. D) unemployed and not in the labor force.
The following condition describes the economic term “scarcity”:
a. The number of rental cars available at the airport b. The quality of the air that we breathe c. The time it takes to learn a new skill d. Global oil reserves are limited.
As a student of economics, when you speak of scarcity, you are referring to the ability of society to:
A. satisfy economic wants given limited resources. B. employ all of its resources. C. consume all that is produced. D. continually make technological breakthroughs and increase production.
An oligopoly with a dominant price leader will produce an output level that is ________ than the output level that would prevail if the industry were competitive and sells it at a price that is ________ than the price that would prevail if the industry were competitive.
A. lower; higher B. higher; higher C. higher; lower D. lower; lower