In the Long Run

question 173

Multiple Choice

In the long run

• A) the level of output is independent of the price level.
• B) the level of output is depends on the price level.
• C) price and output levels are mutually dependent.
• D) the price level is independent of the level of output.

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Definitions:

Technological Advances

Refers to the progress in technological development that leads to new or improved goods and services, manufacturing processes, or the development of new markets, impacting economic growth and productivity.

Berkshire Hathaway

A multinational conglomerate holding company led by Warren Buffett, known for its long-term investments in a diverse range of businesses and industries.

Treasury Bill

Short-term government securities issued at a discount from the par value and mature in a year or less, serving as a tool for managing short-term liquidity.

Investment

The allocation of resources, usually money, in the expectation of generating an income or profit in the future.