In Constructing the Short-Run Aggregate Supply Curve, How Would an Economist

question 118

Multiple Choice

In constructing the short-run aggregate supply curve, how would an economist define the short run?  

• A) a period during which the price level is constant 
• B) a period during which output is fixed 
• C) a period during which profit is constant 
• D) a period during which the costs of some resources are fixed

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Definitions:

Outer Core

The liquid layer of the Earth's core that lies beneath the mantle and surrounds the inner core, primarily composed of iron and nickel.

Hot Spot

A volcanically active site interpreted to be above an unusually high-temperature region in the deep crust and upper mantle.

Crust Thickness

The measurement of the Earth's outermost layer's depth, varying between the oceanic and continental crusts.

Oceanic Crust

The thin part of Earth's crust that underlies the ocean basins, composed mostly of basalt and denser than the continental crust.