The Long- Run Aggregate Supply (LAS) Curve

question 364

Multiple Choice

The long- run aggregate supply (LAS) curve

• A) has a positive slope.
• B) is horizontal.
• C) has a negative slope.
• D) is vertical.

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Definitions:

P-value

A statistical measure that helps in determining the significance of the results from a test, indicating the probability of observing results at least as extreme as those seen, under the assumption that the null hypothesis is true.

Chi-square Distribution

The Chi-square distribution is a probability distribution used in statistical significance tests, particularly suitable for categorical data.

Normal Distribution

A bell-shaped distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

F-distribution

A probability distribution that arises in the analysis of variance (ANOVA), used to compare variances and determine statistical significance.