Examlex
If there was no profit effect or misperception effect in the short run, then SRAS is ____ and LRAS is ____.
Production Possibilities Curve
A graphical representation showing the maximum combination of goods and services that can be produced from a fixed set of resources.
Bowed Outward
A description of a production possibility frontier that demonstrates the increasing opportunity cost of producing one good over another.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing to invest in one option over others.
Rectangles
A four-sided flat shape where every angle is a right angle and opposite sides are parallel and equal in length.
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