The Long-Run Aggregate Supply Curve Is Vertical at

question 105

Multiple Choice

The long-run aggregate supply curve is vertical at

• A) potential output.
• B) the actual level of real output.
• C) the actual level of nominal output.
• D) 100% employment of the labor force.

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Definitions:

Economic Wants

Desires that can be satisfied through the consumption of goods and services, reflecting the unlimited and varying needs and wishes of consumers.

Insatiable

An unending and intense desire for more, often used to describe human wants and needs that cannot be fully satisfied.

Products And Services

Tangible goods that are manufactured and sold to consumers, and intangible activities provided to satisfy consumer needs or wants, respectively.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.