The Long-Run Aggregate Supply Is Called

question 22

Multiple Choice

The long-run aggregate supply is called:

• A)potential output
• B)full-employment output
• C)natural rate of output
• D)all of the above

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Definitions:

Total Utility

The total satisfaction or benefit received by consuming a particular amount of a good or service.

Marginal Utility

The extra pleasure or benefit gained by a consumer from using an additional unit of a product or service.

Utility-maximizing

Refers to the economic principle where individuals or households attempt to get the highest level of satisfaction from their resources.

Income

The money received, especially on a regular basis, for work or through investments.