The Aggregate Supply Curve Tends to Be Relatively Steep When

question 21

Multiple Choice

The aggregate supply curve tends to be relatively steep when GDP is above potential output because firms are operating above and _ _ are rising rapidly.

• A)capacity; unit costs
• B)equilibrium output; average costs
• C)profit- maximizing output; total costs
• D)equilibrium output; unit costs
• E)equilibrium output; total costs

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Definitions:

Insignificant Proportion

A term used to describe a quantity that is too small to be deemed meaningful or to have an impact in a particular context.

Social Support

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Alameda County Study

A long-term research project that began in the 1960s, investigating how lifestyle factors such as diet, exercise, and social ties affect longevity and health.

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