What Is Sometimes Called the "Long- Run Aggregate Supply Curve

question 34

Multiple Choice

What is sometimes called the "long- run aggregate supply curve" shows the relationship between the price level and aggregate supply over a time period long enough to permit

• A)population to increase.
• B)changes in technology to occur.
• C)changes in the size of the resource base to occur.
• D)wages and other factor prices to adjust.
• E)changes in the capital stock.

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Definitions:

Regular Time Cost

The expense incurred from labor during normal working hours, excluding overtime or premium pay rates.

Over Time Cost

Additional expenses incurred for labor or operations that extend beyond the regular working hours, often at higher rates.

Supply Chain

The network of individuals, organizations, resources, activities, and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, and on to its final customer.

Demand Impact

The effect that changes in demand have on the business operations, supply chain, or the market as a whole.