A Change in the Supply of Labor Will Shift the Long-Run

question 61

True/False

A change in the supply of labor will shift the long-run aggregate supply curve.

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Definitions:

Mutual Agency

A legal principle in partnerships where each partner has the authority to bind the partnership (and other partners) in contracts related to the business's usual operations.

Positive Net Income

A financial situation where a company's total revenues exceed its total expenses, indicating profitability.

Inexpensive to Organize

Refers to the low cost associated with setting up a certain type of business structure or organization.

Personal Assets

Items or properties owned by an individual that have value.