The federal personal income tax is designed as a

In the context of aggregate supply, the long run is defined as the period during which

a. some prices are set by contracts and cannot be adjusted. b. prices can change, but neither aggregate supply nor aggregate demand can shift. c. individuals have sufficient time to modify their behavior in response to price changes. d. quantity changes cannot occur in response to changes in relative prices.

Suppose the government sets a price floor that is above the equilibrium price for a given good. It can be said that at the price floor,

A) although sellers are selling all of the product that they desire at this price, the consumers are not able to buy all that they desire. B) although consumers are purchasing all of the product that they desire at this price, the sellers are not selling all that they desire. C) both sellers and buyers are satisfied with the quantity that is being exchanged. D) both sellers and buyers are exchanging the equilibrium quantity of this good. E) b and d