The Long-Run Aggregate Supply Is Called

question 22

Multiple Choice

The long-run aggregate supply is called:

• A)potential output
• B)full-employment output
• C)natural rate of output
• D)all of the above

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Definitions:

French Fries

A popular fast food made by cutting potatoes into strips and deep-frying them until they are crispy.

Hamburger Ingredients

The various components required to make a hamburger, such as ground meat, lettuce, tomato, buns, and condiments.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a balance without excess supply or demand.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, contrasting with normal goods.