A Characteristic of Long-Run Equilibrium Is the Economy Is Producing

question 81

Multiple Choice

A characteristic of long-run equilibrium is the economy is producing its potential output. This is:

• A) the maximum level of output the economy could produce at any time.
• B) the level of output the economy produces when its resources are used at normal rates.
• C) defined as using 80 percent of the economy's resources at any time.
• D) the level of output consistent with an unemployment rate of 7.5%.

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