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.

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Definitions:

Capsular Space

The capsular space, or Bowman's space, is the region in the kidney's nephron between the Bowman's capsule and the glomerulus, involved in the filtration of blood.

Glomerular Capsule

A cup-shaped structure in the kidney that encases the glomerulus and is involved in the filtration process of blood to form urine.

Podocyte Space

The space between the foot processes of podocytes in the glomerulus of the kidney, critical for filtration of blood into urine.

Renal Pyramid

Cone-shaped tissues of the kidneys, containing the tubules and blood vessels responsible for filtering blood and producing urine.