In the Short Run, the Aggregate Supply Curve Is Relatively

question 34

Multiple Choice

In the short run, the aggregate supply curve is relatively flat because at any point in time:

• A) firms are assumed to supply all the output demanded with relatively small changes in prices.
• B) the labor costs faced by firms are slower to adjust than final prices.
• C) technology advances faster than production costs.
• D) firms can not face increases in the output demanded without experiencing small reductions in profits.

Understand the implications of adjusting entries on trial balances and financial statements preparation.

Understand the concepts of debits and credits in the double-entry accounting system.

Identify the normal balances of different types of accounts (assets, liabilities, equity).

Recognize the structure and purpose of T accounts and journal entries.

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