According to the Classical Model, Prices Are _____, Making the Aggregate

question 77

Multiple Choice

According to the classical model, prices are _____, making the aggregate supply curve _____ in the short run.

• A) sticky; upward sloping
• B) flexible; vertical
• C) flexible; downward sloping
• D) sticky; vertical

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Definitions:

First Continental Congress

A meeting of delegates from twelve of the Thirteen Colonies in 1774, convened in Philadelphia to address grievances against British policies and to organize colonial resistance.

Delegates

Representatives elected or chosen to attend a conference or convention.

Economic Classes

Divisions within society based on wealth, income, occupation, and access to resources, contributing to differing social and political interests.

State Of Rebellion

A condition of defiance or resistance against established authority, often leading to conflict or upheaval.