The Long-Run Aggregate Supply Curve Is

question 37

Multiple Choice

The long-run aggregate supply curve is:

• A) upward sloping.
• B) downward sloping.
• C) vertical at full-employment real GDP.
• D) horizontal at full-employment real GDP.

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Definitions:

Over Benefited

A condition in which an individual perceives receiving more from a relationship or exchange than they contribute to it.

Under Benefited

A feeling or situation where an individual perceives they are receiving less reward than they deserve compared to others.

Overbenefited

A situation where one receives more benefits or resources than what is fair or deserved.

Inequity

A condition under which fair treatment is not received or given, often leading to disparities among individuals or groups.