The Assumption That in the Long Run Prices and Wages

question 88

Multiple Choice

The assumption that in the long run prices and wages are fully flexible implies that the long-run aggregate supply curve is determined by ________.

• A)capital and labor inputs
• B)technology
• C)the natural rate of unemployment
• D)all of the above
• E)none of the above

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Definitions:

Elastic Cartilage

A type of cartilage that contains elastic fibers, providing strength and elasticity, found in structures like the ear and epiglottis.

Fibrocartilage

A type of tough, dense cartilage that contains fibrous bundles of collagen, such as that found in intervertebral discs and the menisci of the knee.

Respiratory Zone

The region of the respiratory system where gas exchange occurs, including the alveolar ducts and alveoli.

Epiglottis

A leaf-shaped flap of cartilage located behind the tongue, at the top of the larynx, functioning to prevent food and drink from entering the windpipe during swallowing.