The Monetarist Assumption That Monetary Policy Cannot Change Long-Run Equilibrium

question 48

Multiple Choice

The monetarist assumption that monetary policy cannot change long-run equilibrium income is based on the idea that:

• A)the long-run aggregate supply curve is horizontal.
• B)the long-run Phillips curve is vertical.
• C)the price level in the long run is fixed.
• D)the aggregate demand curve cannot shift.
• E)the long-run Phillips curve is upward-sloping.

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