The Long-Run Aggregate Supply Curve

question 24

Multiple Choice

The long-run aggregate supply curve

• A) relates the level of nominal output produced by firms to the implicit price deflator.
• B) relates the level of output produced by firms to the price level in the long run.
• C) is vertical because there is one price level and an infinite number of outputs.
• D) is determined by the real output demanded by economic agents in an economy.

Recognize that groups do not require face-to-face interaction and can form online.

Comprehend the concept of group cohesiveness and factors affecting it.

Grasp the mutual interdependence within a group.

Know the role of entitativity in perceiving group cohesiveness.