The Long Run Aggregate Supply Curve Is Vertical Because

question 34

Multiple Choice

The long run aggregate supply curve is vertical because

• A) the production possibilities curve is vertical.
• B) the aggregate demand curve is downward sloping.
• C) technology increases at a constant rate.
• D) a change in the level of prices will have no effect on real output in the long-run.

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Definitions:

Census

An official count or survey of a population, typically recording various details of individuals, such as age, sex, occupation, and nationality.

Representative Sample

A representative sample is a subset of a population that accurately reflects the members of the entire population, used in statistical analysis to make inferences about the population.

Experimental Method

A research methodology that involves manipulating variables to test hypotheses and observe effects.

Spurious Relationship

A statistical association between two variables that appears to be causally linked but is actually due to a third variable or a coincidence.