What Economists Sometimes Call the "Long-Run Aggregate Supply Curve" Is

question 97

Multiple Choice

What economists sometimes call the "long-run aggregate supply curve" is

• A)vertical.
• B)horizontal.
• C)nonlinear.
• D)negatively sloped.
• E)positively sloped.

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Definitions:

Rent Seeking Activities

Efforts by individuals or firms to gain access to economic rent through manipulation or exploitation of the economic system, not through productive activities.

Well-Organized Business

A business entity that is structured and managed efficiently, leading to enhanced productivity, profitability, and goal attainment.

Potato Farmers

are agricultural producers specializing in growing potatoes as their primary crop.

Federal Agency

An organization part of the government of the United States that operates either independently or under the direct administration of federal executive departments.