If the Economy Is Not in a Long-Run Equilibrium and Other

question 198

True/False

If the economy is not in a long-run equilibrium and other things are equal, then prices will eventually adjust to bring the economy to a long-run equilibrium.

---

Definitions:

Adjusting Journal Entry

A journal entry made at the end of an accounting period to record any unrecognized income or expenses for that period, ensuring the accounts reflect true and fair values.

Fees Earned

Revenue generated from providing services, calculated over a specific period and reported on the income statement.

Payment

A payment is the transfer of money, goods, or services from one party to another as an exchange for products, services, or fulfillment of obligations.

Explanation

Clarification, detailed account, or interpretation of a concept, term, or phenomenon.