Which of the Following Is True in the Long Run

question 132

Multiple Choice

Which of the following is true in the long run?

• A)The aggregate demand curve determines the level of potential output.
• B)The long-run aggregate supply curve is horizontal.
• C)The actual price level is less than the expected price level.
• D)Cyclical unemployment is between 5 percent and 6 percent.
• E)The price level is determined entirely by the aggregate demand curve.

Recognize the impact and legal significance of the preexisting duty rule in contract modifications.

Discern when a promissory estoppel claim can be validly invoked in contractual disputes.

Analyze the conditions under which a contract can be considered breached, with a focus on agreements relating to sales, services, and debts.

Comprehend how the adequacy of consideration, or the lack thereof, affects the validity of a contract.

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Definitions:

Cash Paid

The actual amount of money disbursed for expenses, purchases, or liabilities.

Accounts Receivable

Funds that customers owe to a business for products or services already provided but not paid for.

Credit Sales

Sales made by a business where the customer is allowed to pay at a later date.

Cash Sales

Transactions where payment is made in cash at the time of the sale, with immediate transfer of ownership and benefits.