The Main Difference Between an Individual Supply Curve and the Aggregate

question 12

Multiple Choice

The main difference between an individual supply curve and the aggregate supply curve is that

• A)an individual supply curve reflects the change in price of an individual commodity,while an aggregate supply curve shows the effects of changes in the price level for the entire economy.
• B)a relative price change occurs along an individual supply curve while prices do not change along an aggregate supply curve.
• C)input prices are held constant along an aggregate supply curve but not along an individual supply curve.
• D)individual supply curves are upward sloping while aggregate supply curves are not.

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Definitions:

Flat Sheet

A type of raw material that comes in flat panels, typically used in manufacturing or construction; it can be cut and shaped into various parts and forms.

Without Cutting

A manufacturing or shaping process that does not involve removing material, such as bending, casting, or forming.

General Contour

An outline that represents the shape or form of an object, especially used in design and drafting to indicate general shapes.

Front View

The principal view of an object in technical drawing, depicting the most characteristics of the design, typically facing the observer directly.