The Vertical LRAS Implies That

question 70

Multiple Choice

The vertical LRAS implies that

• A) the long run supply is not affected by the price level.
• B) the price elasticity of supply is zero.
• C) in the long run firms supply the full-employment level of output.
• D) all of the above.

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Definitions:

Behaviour

The actions or reactions of an individual in response to external or internal stimuli.

Actuarial Approach

An approach to evaluating and interpreting the data on patients, making predictions, and coming to decisions that rely exclusively on statistical procedures, empirical methods, and formal rules. See also clinical approach.

Equations

Mathematical statements that assert the equality of two expressions, often containing one or more variables.

Algorithms

A defined set of step-by-step procedures or instructions designed to perform a specific task or solve a particular problem.