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

question 26

Multiple Choice

What is sometimes called the "long- run aggregate supply curve" relates the aggregate price level to real GDP

• A)when technology is allowed to change.
• B)in the short run.
• C)after factor prices have fully adjusted to eliminate output gaps.
• D)when wages are in adjustment but prices are unstable.
• E)when national income is at less than potential income.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Rent Revenue

Income earned from leasing out property or space.

Liability-revenue Relationship

A financial concept that examines the connection between a company's incurred liabilities and the revenue generated over a certain period.

Deferred Revenue

Revenue recorded by a corporation for products or services that have not yet been provided or executed, classified as an obligation.