Which Statement Is TRUE with Respect to Short-Run and Long-Run

question 98

Multiple Choice

Which statement is TRUE with respect to short-run and long-run aggregate supply?

• A) The economy can be on both curves simultaneously.
• B) If the economy is on the short-run aggregate supply curve, it cannot also be on the long-run aggregate supply curve.
• C) If the economy is on the long-run aggregate supply curve, it cannot also be on the short-run aggregate supply curve.
• D) The economy can never rest on both curves simultaneously.

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Definitions:

Area Chart

An area chart is a type of graph used in statistics to represent quantitative data. It is similar to a line chart, but the area between the line and the axis is filled with color or shading to highlight volumes.

Logical Function

A function that applies logical operators on its arguments to return Boolean values; used in programming and mathematical contexts.

IF

A conditional statement used in programming that executes a specific block of code if a specified condition is true.

OR

In statistics, 'OR' typically refers to the odds ratio, a measure of association between two binary outcomes.