The Long Run Aggregate Supply Curve Assumes That in the Long

question 157

Multiple Choice

The long run aggregate supply curve assumes that in the long run, the economy:

• A) does not experience supply shocks.
• B) has no unemployment.
• C) is at full employment.
• D) has no inflation.

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Definitions:

Bailor

The person who temporarily transfers possession but not ownership of a property or good to another (the bailee) under a bailment agreement.

Bailee

A person or entity to whom personal property is delivered for a specified purpose without transfer of ownership.

Transfer Of Possession

The act of moving control or ownership of an asset from one party to another.

Bailee

A Bailee is a person or entity that has temporary possession of someone else's property under a bailment agreement.