If the Economy Is in Long-Run Equilibrium

question 106

Multiple Choice

If the economy is in long-run equilibrium,

• A) prices will rise but wages will remain constant.
• B) neither prices nor wages will change.
• C) it is producing Natural Real GDP.
• D) prices will remain constant but wages may rise.
• E) b and c

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Definitions:

Complementary Functions

Activities or services that add value to or enhance the effectiveness of primary products or services.

Parallel Channels

Distribution channels that run alongside each other, offering products and services to the same market segments but through different pathways or intermediaries.

Channel Strategy

The planning and execution of distributing a product or service through the most effective and efficient means to reach the end consumer.

Benchmarking

The process of measuring a company’s performance, practices, or products against those of leading competitors or industry standards to identify areas for improvement.