Aggregate Supply Can Be Thought of as

question 161

Multiple Choice

Aggregate supply can be thought of as

• A)a fixed amount of output.
• B)unrelated to the price level.
• C)a schedule of output at different price levels.
• D)the volume of goods at the ends of the production possibilities curve.

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Definitions:

Income

Income earned regularly from work or investments.

Budget Constraint

A limit on the consumption choices of individuals or firms based on their income and the prices of goods and services.

Bell Peppers

A variety of large, sweet pepper that comes in different colors, including red, yellow, green, and orange, and is used in cuisine worldwide.

Budget Constraint

The constraint on the selection of products and services available for a consumer to buy, determined by their earnings and the prices of these commodities.