A Long-Run Aggregate Supply Curve May Graphically Be Represented as a

question 45

Multiple Choice

A long-run aggregate supply curve may graphically be represented as a

• A) vertical line.
• B) horizontal line.
• C) an upward sloping line.
• D) a downward sloping line.

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Definitions:

Average Hourly Wage

The mean wage that workers earn in a given economy, sector, or company, calculated per hour of work.

Unionized Workers

Employees who are members of a labor union, which represents their interests in negotiations with employers regarding wages, working conditions, and other employment terms.

Craft Unions

Labor unions that represent workers specialized in a particular trade or craft, focusing on skilled labor in specific industries.

Industrial Unions

Industrial unions are trade unions that represent all workers, skilled and unskilled, within a particular industry.