A vertical aggregate supply schedule implies that
a. real wages cannot impact output.
b. unemployment cannot impact output.
c. aggregate demand is horizontal.
d. the price level does not impact output.
D
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Why are relative price changes important? (3)
What will be an ideal response?
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $5, the price will
A. decrease because there is an excess demand in the market. B. increase because there is an excess demand in the market. C. decrease because there is an excess supply in the market. D. remain constant because the market is in equilibrium.