The Long-Run Aggregate Supply Line Is

question 89

Multiple Choice

The long-run aggregate supply line is

• A) downward-sloping.
• B) upward-sloping.
• C) horizontal at the current rate of inflation.
• D) vertical at the economy's potential output.
• E) vertical at the economy's actual output.

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Definitions:

Domesticating

The process of adapting wild plants or animals for human use, such as for food, work, companionship, or as pets.

Pastoralism

An economic system based on tending herds of large animals.

Collectively owns

The state of ownership where assets or properties are held in common by a group rather than individuals.

State/welfare capitalism

An economic system where the state plays a significant role in protecting and promoting the economic and social well-being of its citizens, often through extensive social services, and public policies aimed at wealth distribution.