In the Long Run, an Increase in the Aggregate Price

question 91

Multiple Choice

In the long run, an increase in the aggregate price level:

• A) doesn't change real output.
• B) decreases real output.
• C) increases real output.
• D) increases spending.

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Definitions:

Bering Sea

A marginal sea of the Pacific Ocean located off the northern coasts of Russia and Alaska, known for its diverse marine life and climatic conditions.

Philippine Sea

A marginal sea of the Western Pacific Ocean east of the Philippine archipelago, noted for its biodiversity.

Ice Age

A period of time in which large regions of land are covered year-round with ice and snow, especially in the last 2 million years.

Caspian Sea

A large landlocked body of water between Europe and Asia, classified as the world's largest lake or a full-fledged sea.