When Resource Prices Are Negotiable,the Long-Run Aggregate Supply Curve Is

question 82

Multiple Choice

When resource prices are negotiable,the long-run aggregate supply curve is represented by:

• A)an upward-sloping line
• B)a downward-sloping line
• C)a vertical line at potential output.
• D)a horizontal line at the actual price level.
• E)a horizontal line at the expected price level.

---

Definitions:

Claims

Formal requests or demands for payment or compensation for losses or damages covered under an insurance policy.

Without Recourse

A term indicating that the seller of a financial instrument or property transfers all risk of non-payment or defect to the buyer, absolving the seller of liability.

Specially Endorses

When a negotiable instrument, such as a check, is endorsed by specifying the person to whom it should be paid, creating restrictions on its further negotiation.

Shelter Rule

A legal principle allowing a transferee to obtain the rights of a transferor in a transaction, even if the transferor lacked certain rights, under certain conditions.