The Long-Run Aggregate Supply Curve (LRAS)is Represented by a ________

question 42

Multiple Choice

The long-run aggregate supply curve (LRAS) is represented by a ________ curve with respect to the CPI.

• A)horizontal
• B)upward-sloping
• C)downward-sloping
• D)vertical

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Definitions:

Universal Generalization

A logical principle stating that what is true of all instances of a certain class can be said to be generally true of that class.

Existential Instantiation

A logical principle allowing for the inference of the existence of an instance of a predicate from a statement asserting the existence of some (possibly unspecified) instance.

Universal Instantiation

A logical rule stating that if something is true for everything in a certain category, it is true for each specific member of that category.

Existential Generalization

A logical inference rule that allows for the conclusion that something exists based on the existence of a particular instance.