The Long-Run Aggregate Supply Curve Is the Relationship Between the Price

question 86

True/False

The long-run aggregate supply curve is the relationship between the price level and the quantity of real GDP that is supplied once input prices have had time to fully adjust to that price level.

---

Definitions:

Donuts

A type of fried dough confection or dessert food, often sweetened or glazed.

Comparative Advantage

The skillfulness of an individual or team in performing a particular economic function more proficiently than another task.

Bushels

A unit of volume that is used in dry commodities trading, commonly used in agriculture for measuring grains.

Corn

A cereal plant that yields large grains, or kernels, set in rows on a cob; a major grain crop in various parts of the world.