In the Long Run, the Price Level Is Determined by

question 19

Multiple Choice

In the long run, the price level is determined by

• A)aggregate demand.
• B)aggregate supply.
• C)the government.
• D)money supply.

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Definitions:

Degrees of Freedom

The amount of separate values or magnitudes that a statistical distribution can possess.

Level of Significance

The probability of rejecting the null hypothesis in a statistical test when it is actually true; a measure of statistical significance.

Sum of Squares

A statistical technique used to describe the total variation in a dataset.

Error

The difference between a measured or observed value and the true value of the quantity of interest.