Changes in the Price Level

question 53

Multiple Choice

Changes in the price level

• A)increase the level of aggregate supply in the long run.
• B)decrease the level of aggregate supply in the long run.
• C)do not affect the level of aggregate supply in the long run.
• D)increase the level of aggregate supply in the long run only at very high levels of output.

---

Definitions:

Systematic Way

A methodical approach to procedures or practices that are organized according to a plan or system.

Reality

The sum or aggregate of all that is real or existent within a system, as opposed to that which is only imaginary.

Material

Consisting of physical substance; relating to physical matter and objects as opposed to spiritual or intellectual qualities.

Spiritual

Relating to or affecting the human spirit or soul as opposed to material or physical things; often concerns a sense of connection to something greater than oneself.