If the Long-Run Aggregate Supply Curve Is Vertical, Then Changes

question 109

Multiple Choice

If the long-run aggregate supply curve is vertical, then changes in aggregate demand affect:

• A) neither prices nor level of output.
• B) both prices and level of output.
• C) level of output but not prices.
• D) prices but not level of output.

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Definitions:

Marginal Situation

A scenario where an individual or group is at the brink of significant change, often on the verge of either improvement or deterioration.

Basic Assumption

An underlying, taken-for-granted belief or principle that is not questioned or critically examined.

Berger

Peter L. Berger is a sociologist known for his work in the sociology of knowledge, understanding how societal beliefs and values are shaped and maintained.

Temporal Meanings

Concerning the concepts of time, including its measurement, perception, and significance in human life.