Which of the Following Characterizes the Long-Run Aggregate Supply Curve

question 18

Multiple Choice

Which of the following characterizes the long-run aggregate supply curve?

• A)It is determined by the things that determine output in the classical model.
• B)It is located at the point where unemployment is zero.
• C)It shifts to the right when the price level increases.
• D)It is positioned at the point where the economy would cease to grow.

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Definitions:

Lasted Many Years

This phrase typically describes events, relationships, or situations that have continued or endured for an extended period of time.

Autonomy

The capacity and right of individuals to make their own choices and decisions independently, often associated with self-determination and freedom.

Private Property

Land or belongings owned by individuals or entities, not by the government or public.

Costs

Costs refer to the expenses incurred in the production of goods or the delivery of services, or the sacrifices made in engaging in an activity.