Use the Following to Answer Questions

question 58

Multiple Choice

Use the following to answer questions.
Exhibit: Aggregate Production Function, Labor Market, and LRAS
-(Exhibit: Aggregate Production Function, Labor Market, and LRAS) The economy could achieve its potential output at a price level-nominal wage combination of

• A) 1.5 and $60,000.
• B) 1.0 and $50,000.
• C) 1.0 and $45,000
• D) 0.5 and $30,000.

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Definitions:

Transforming Resources

The assets, materials, and inputs used by a company to create products or deliver services efficiently.