The demand for gasoline is expected to be more elastic in the long run than in the short run
Indicate whether the statement is true or false
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According to the model of aggregate supply and aggregate demand, in the long run, an increase in the money supply should cause
A. prices to rise and output to remain unchanged. B. prices to fall and output to fall. C. prices to rise and output to rise. D. prices to fall and output to remain unchanged.
In the specific factors model, a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in
the welfare of the fixed factor in the production of cloth. A) no change; no change; no change B) an increase; an increase; an increase C) a decrease; an increase; an increase D) an increase; a decrease; a decrease E) a decrease; a decrease; a decrease