In Long-Run Macroeconomic Equilibrium

question 73

Multiple Choice

In long-run macroeconomic equilibrium

• A) real GDP equals potential GDP.
• B) the price level is fixed and aggregate demand determines real GDP.
• C) real GDP and the price level are determined by short-run aggregate supply and aggregate demand and long-run aggregate supply is irrelevant.
• D) real GDP is less than potential GDP.

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Advertised Price

The price of a product or service that is publicly promoted or communicated to potential customers.

House Brand

A product that is marketed and sold by a retailer under its own brand name, as opposed to a brand name owned by a supplier.

UPC Bar Code

Universal Product Code; a barcode symbology used for tracking trade items in stores primarily in the United States.

Consumer Protection Act

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