In Terms of Aggregate Supply, the Difference Between the Long

question 82

Multiple Choice

In terms of aggregate supply, the difference between the long run and the short run is that in the long run:

• A)the price level is variable.
• B)employment is variable.
• C)real output is variable.
• D)nominal wages and other input prices are variable.

---

Definitions:

Percentage

A portion or share of a whole, expressed as a number out of 100.

Rate of Decrease

A measure that indicates how quickly a quantity diminishes over time.

Base Value

A reference point used in the calculation of variables, such as index numbers, from a specific base date.

Percentage

A fraction or ratio expressed as a part of 100, used to denote proportion or comparison between quantities.