Explain the Short-Run and Long-Run Effects on Output and Prices

question 39

Essay

Explain the short-run and long-run effects on output and prices of technological improvements. Create a chart to demonstrate the effects.

---

Definitions:

Disability Insurance

A type of insurance coverage that provides income in the event a worker is unable to perform their job duties due to a disability.

Short-Term Plans

Strategies or objectives set to be achieved in the immediate future, typically within a year.

Long-Term Plans

Strategic plans developed to achieve goals and objectives over an extended period, typically beyond five years.

Flexible Spending Account

A pre-tax benefit account used by employees to pay for eligible healthcare expenses, reducing their taxable income.