In the Long Run, the Level of Output Is Determined

question 85

Multiple Choice

In the long run, the level of output is determined by the:

• A)interaction of supply and demand.
• B)money supply and the levels of government spending and taxation.
• C)amounts of capital and labour and the available technology.
• D)preferences of the public.

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Definitions:

Unregulated Industry

An industry or sector that operates without significant government rules, restrictions, or oversight, often leading to a free market scenario.

Produce

To create or manufacture goods and services through the process of combining labor, materials, and technology.

Output

The total amount of goods or services produced by a business, industry, or country over a specific period of time.

Paralegals

Professionally trained individuals who assist lawyers in preparing cases, conducting legal research, and completing other substantive legal work, but are not licensed to practice law.