The Position of the Long-Run Aggregate Supply Curve

question 56

Multiple Choice

The position of the long-run aggregate supply curve

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

Distinguish between movements along the demand/supply curve and shifts in the demand/supply curve.

Understand the economic impacts of seasonal changes on supply and demand.

Evaluate the effects of external shocks (natural disasters, technological advancements) on market dynamics.

Understand how changes in supply and demand affect market equilibrium prices and quantities.

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