Which of the Following Is Not a Determinant of the Long-Run

question 12

Multiple Choice

Which of the following is not a determinant of the long-run level of real GDP?

• A)the price level
• B)the supply of labor
• C)available natural resources
• D)available technology

---

Definitions:

Consumer Surplus

The gap between what consumers are prepared to pay for a product or service, and what they end up spending.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.

Consumer Surplus

The contrast between the expected payment by consumers for a good or service and the actual price paid.

Market Supply

The total quantity of a good or service that producers are willing and able to sell at various prices during a given time period.