Which of the Following Is False

question 83

Multiple Choice

Which of the following is false?

• A)In long-run equilibrium, all prices, including wages, have fully adjusted to changes in aggregate demand or aggregate supply.
• B)The real wage is the nominal wage divided by the overall price level.
• C)The aggregate supply curve is always upward sloping.
• D)The aggregate demand curve is always downward sloping.

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Definitions:

Gross Profit

The difference between revenue and the cost of goods sold before accounting for certain other costs.

Net Sales

The revenue from sales after deducting returned goods, allowances for damaged or missing goods, and any discounts allowed.

Cost Of Goods Sold

The expenditures directly associated with manufacturing goods that a company sells, consisting of materials and labor.

Departmental Gross Profit

The gross profit of a specific department within a business, calculated by subtracting the cost of goods sold from the sales revenue of that department.