When Talking About Aggregate Supply, It Is Necessary to

question 193

Multiple Choice

When talking about aggregate supply, it is necessary to

• A) focus on the short run.
• B) distinguish between long-run aggregate supply and short-run aggregate supply.
• C) focus on the long run.
• D) distinguish between long-run full employment and short-run full-employment.

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Definitions:

Adaptability

The ability to adjust oneself readily to different conditions and environments.

Continuous-Process Production

A production process where raw materials are continuously transformed by an automated system.

Highly-Automated

Describing a system or process that extensively uses automation technology to reduce or eliminate human intervention.

Computerized Controls

Systems or processes that use computer technology to manage, regulate, or monitor operations in various applications.