The Short-Run Aggregate Supply Curve Is Vertical, and the Long-Run

question 100

True/False

The short-run aggregate supply curve is vertical, and the long-run aggregate supply curve is
horizontal.

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Definitions:

Board of Governors

The leading body of the Federal Reserve System, overseeing the Federal Reserve Banks and setting monetary policy in the United States.

Appointed

Selected or designated for a position or duty by an authority, rather than by election or competition.

President

The elected head of a republican state or organization, responsible for executing the laws and leading the executive branch.

Federal Reserve System

The central banking system of the United States, responsible for setting monetary policy and regulating banks.