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A golfer hits a ball on a level fairway at an angle of 30° relative to the horizontal, and it lands on the green. Another golfer hits a ball with the same speed but at an angle of 60°, and it lands on the green by the other ball. Which statement is accurate for this situation?
Long Run
A period during which all factors of production and costs are variable, allowing for full adjustment to changes.
Long-Run Equilibrium
A state in which all inputs and outputs in an economy are fully adjusted so that there is no tendency for change.
Price Level
The average of current prices across the entire spectrum of goods and services produced in the economy, an indicator of inflation.
Real GDP
The measure of a country's economic output adjusted for price changes (inflation or deflation), reflecting the real value of goods and services produced.
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