In the Context of Aggregate Supply, the Long Run Is

question 21

Multiple Choice

In the context of aggregate supply, the long run is defined as the period during which

• A) some prices are set by contracts and cannot be adjusted.
• B) prices can change, but neither aggregate supply nor aggregate demand can shift.
• C) individuals have sufficient time to modify their behavior in response to price changes.
• D) quantity changes cannot occur in response to changes in relative prices.

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Definitions:

Collectivist Societies

Societies that emphasize the needs and goals of the group as a whole over the needs and wishes of each individual.

Need Levels

Hierarchical stages of needs proposed by psychologists, indicating that certain basic needs must be met before individuals can focus on higher-order psychological requirements.

Career Stage

The phase or position in an individual's professional development and work life, often categorized by levels of experience, responsibility, or achievement.

Organization Size

A measure of the scale of an organization, typically based on the number of employees, the extent of its operations, or its market reach.