An Important Distinction Between the Long-Run and Complete Models Is

question 25

Multiple Choice

An important distinction between the long-run and complete models is that

• A) prices are assumed to respond quickly to market conditions.
• B) output is assumed to respond quickly to market conditions.
• C) output is assumed to be relatively fixed due to productive capabilities.
• D) prices are assumed to be predetermined based on previous economic outcomes.
• E) both prices and output are assumed to respond rapidly to market conditions.

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