Consider the AD/AS Model

question 69

Multiple Choice

Consider the AD/AS model. Since output in the long run is determined by Y^*, the only role of the AD curve is to determine the price level. This is true because the

• A)aggregate demand curve is horizontal.
• B)Y^* depends on the price level.
• C)AS curve is upward sloping.
• D)aggregate demand curve is vertical.
• E)Y^* is independent of the price level.

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Definitions:

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