The Long-Run Aggregate Supply Curve Represents

question 1

Multiple Choice

The long-run aggregate supply curve represents:

• A) potential output in the economy.
• B) the level of output possible if the economy is operating at full capacity.
• C) a production function for the entire economy.
• D) All of these are true.

---

Definitions:

Unilateral Mistake

An error made by one party in a contract that is not shared by the other party, potentially affecting the contract's validity.

Mutual Mistakes

A situation in contract law where all parties involved have a shared misunderstanding regarding a basic assumption that significantly impacts the contract.

Voidable Contracts

Contracts that are valid and enforceable on the surface but can be declared void by one or more of the parties due to certain reasons, like misrepresentation or lack of consent.

Innocent Misrepresentation

A false statement made about a material fact by a person who believed the statement was true.