In the Long Run, Changes in the Prices of Goods

question 132

Multiple Choice

In the long run, changes in the prices of goods and services have no effect on:

• A) the macroeconomy.
• B) aggregate supply.
• C) aggregate demand.
• D) All of these are true.

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Definitions:

Gestation Time

The duration of time between conception and birth in animals, including humans.

Standard Deviation

A statistic that measures the dispersion or variability of a set of data points relative to its mean, used to quantify the amount of variation or dispersion.

Upper Quartile

It is the median of the upper half of a data set, marking the 75th percentile, where 75% of the data points are below this value.

Standard Normal Distribution

A normal distribution with a mean of 0 and a standard deviation of 1.