If There Was No Misperception Effect, but There Was a Profit

question 116

Multiple Choice

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

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

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Definitions:

Causality

The relationship between cause and effect where one event (the cause) leads to the outcome (the effect), fundamental to scientific and philosophical inquiry.

Longitudinal Research

A research design that involves repeated observations of the same variables, such as people or situations, over a period of time, ranging from several years to decades.

Observing

The act of carefully watching someone or something, often to gain information.

Third Variable

A factor that is not directly involved in an experimental setting but that may affect the relationship between the independent and dependent variables.