11.5 the Long-Run AS Curve

question 34

Multiple Choice

11.5 The Long-Run AS Curve
Refer to the information provided in Figure 11.7 below to answer the questions that follow. Figure 11.7
-Refer to Figure 11.7. $700 million is the level of aggregate output that can be sustained in the long run

• A) without inflation.
• B) only with inflation.
• C) only with deflation.
• D) only with unemployment.

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Definitions:

Professional Bureaucracy

An organizational structure that relies on trained professionals to make key decisions rather than on a centralized authority.

Simple Structure

Indicates an organizational design with low complexity, few layers of management, and a focus on direct, clear lines of communication and decision-making.

Divisionalized Form

This organizational structure divides an entity into semi-autonomous units or divisions, each responsible for their own operations, products, or services.

Machine Bureaucracy

A type of organizational structure characterized by a high degree of standardization and formalization, clear hierarchical levels of authority, and a focus on rules and regulations for management and control.