When Talking About Aggregate Supply, It Is Necessary to

question 260

Multiple Choice

When talking about aggregate supply, it is necessary to

• A) focus on the short run.
• B) focus on the long run.
• C) distinguish between long-run aggregate supply and short-run aggregate supply.
• D) distinguish between long-run full employment and short-run full employment.

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Definitions:

Common Law

A legal system based on custom, court rulings, and past incidents rather than written laws.

Case Law

Law established by previous court decisions and based on precedent rather than statutes or regulations; integral to common law legal systems.

Employment-at-will

A legal doctrine that means an employer has the right to terminate an employee at any time for any reason, except an illegal one, and the employee is likewise free to quit, strike, or otherwise cease work.

Terminate

To bring something to an end; in employment, it refers to the act of ending the employment relationship between an employer and employee.