For Movements Along the Long-Run Aggregate Supply Curve

question 411

Multiple Choice

For movements along the long-run aggregate supply curve

• A) potential GDP is dependent on the price level.
• B) the prices of goods and services change while the prices of productive resources hold steady.
• C) the price level and the money wage rate change by the same percentage.
• D) All of the above are correct.

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Definitions:

Investment Center

A decentralized unit in which the manager has the responsibility and authority to make decisions that affect not only costs and revenues but also the fixed assets available to the center.

Authority

The power or right to make decisions, direct others, and enforce obedience within a particular scope.

Plant Assets

Fixed assets that are tangible in nature, such as buildings and machinery, used in the operations of a business and expected to be useful for many years.

Profit Margin

A measure of a company's profitability, typically defined as net income divided by revenue, and expressed as a percentage.