If There Was No Profit Effect or Misperception Effect in the Short

question 122

Multiple Choice

If there was no profit effect or misperception effect in the short run, then SRAS is ____ and LRAS is ____.

• A)​upward sloping; upward sloping
• B)​upward sloping: vertical
• C)​vertical; upward sloping
• D)​vertical; vertical

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Definitions:

Basic Hierarchy

A foundational arrangement or system where entities are ranked or ordered one above the other according to some criterion or authority.

Self-actualization

The act of achieving one's full potential and talents, recognized as an innate motivation or requirement in every individual.

Hierarchy

An arrangement or institution where individuals or sectors are hierarchically positioned above each other based on their level of power or prestige.

Cognitive Needs

Psychological requirements of individuals that drive their desire to acquire knowledge, understanding, and rationality.