Figure 33-5. -Refer to Figure 33-5. the Appearance of the Long-Run Aggregate-Supply

question 525

Multiple Choice

Figure 33-5.
-Refer to Figure 33-5. The appearance of the long-run aggregate-supply LRAS) curve

• A) is consistent with the concept of monetary neutrality.
• B) is consistent with the idea that point A represents a long-run equilibrium and a short-run equilibrium when the relevant short-run aggregate-supply curve is SRAS1.
• C) indicates that Y1 is the natural rate of output.
• D) All of the above are correct.

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Definitions:

Structure Labeled

A term probably meant to describe a diagram or illustration where specific parts have been marked and named to indicate their identity or function.

Function

The specific role or activity of an organ, structure, or substance in an organism or system.

Veliger Larval

A stage in the development of some mollusks, characterized by the presence of a ciliated swimming organ and the beginnings of the foot, shell, and mantle.

Unique

Having a distinct characteristic, quality, or identity that makes something strictly one of a kind.