The position of the long-run aggregate supply curve
a. is determined by resource usage and technology.
b. is at the point where the unemployment rate is zero.
c. shifts to the right when the money supply increases.
d. is at the point where the economy would cease to grow.
a
Economics
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X-inefficiency refers to the situation in which firms with market power are operating in the upward-sloping segment of their long-run average cost curve
Indicate whether the statement is true or false
Economics
Which of the following best describes the relationship between the efficiency wage and the equilibrium wage?
a. The efficiency wage is higher. b. The equilibrium wage is higher. c. They are equal. d. The efficiency wage may be either higher or lower.
Economics