What is the natural level of output?
It is the level of output in the long run where aggregate supply is vertical with respect to changes in the price level. This position is determined by the natural level of output, which reflects the levels of capital, land, labor, and technology in the economy.
Economics
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Graphing the data in the above table with the number of workers on the horizontal axis and the average cost on the vertical axis, the graph would show
A) first a negative and then a positive relationship. B) a horizontal line. C) no relationship. D) a linear relationship.
Economics
A supply curve that is parallel to the quantity axis is
A) perfectly elastic. B) perfectly inelastic. C) relatively inelastic. D) unitary elastic.
Economics