The aggregate supply curve will be vertical when:
a. output can be increased without an increase in the price level.
b. the economy is operating at full-employment capacity.
c. output and price level rise together.
d. the aggregate demand curve is shifting to the left.
e. aggregate demand is absent.
b
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The market structure that lies between competition and monopoly.
A. increasing returns to scale. B. intra-industry trade. C. inter-industry trade. D. imperfect competition.
In consumer equilibrium: a. the average utility from each dollar spent is the same
b. total utility cannot be increased by reallocating spending among the goods consumed. c. total utility obtained from the consumption of each product is at a maximum. d. the marginal utility from the last unit of each good consumed is the same.