In the Long Run, Current Output Will

question 80

Multiple Choice

In the long run, current output will:

• A)Equal potential output
• B)Be less than potential output
• C)Be above potential output
• D)Only equal potential output if unemployment is zero

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Definitions:

Price Increase

The rise in the cost of goods or services in the market.

Labor Needed

The quantity and type of workforce required to produce a certain level of output or to perform specific tasks.

Complementary Input

Goods or services that enhance the value or efficiency of another product or service when used together.

Demand Curve

A graph that shows the relationship between the price of a product and the quantity of the product demanded.