Short-Run Macroeconomic Equilibrium Occurs When

question 103

Multiple Choice

Short-run macroeconomic equilibrium occurs when

• A)aggregate demand and short-run aggregate supply intersect.
• B)the equilibrium lies on the long-run aggregate supply curve.
• C)structural and frictional unemployment equal zero.
• D)cyclical unemployment is equal to zero.
• E)A and B

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Definitions:

Sector X

Sector X does not represent a specific sector in economic terms; it's a placeholder for an unspecified sector of the economy.

Average Cost

The total cost of production divided by the number of goods produced, calculating how much it costs on average to produce each product.

Constant-Cost Industry

An industry where the input prices do not change as the industry's output changes.

DVD Players

Electronic devices designed for the playback of DVDs, allowing the viewing of movies and other digital content stored on DVD format.