A monopolist's demand curve is
A) perfectly elastic.
B) perfectly inelastic.
C) of unit elasticity throughout.
D) the industry demand curve.
D
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There is a distinction between the long-run aggregate supply (LRAS) curve and the short-run aggregate supply (SRAS) curve. In the long run
A) the aggregate supply curve is horizontal, while in the short run it is upward sloping. B) all adjustments to changes in the price level have been made, but in the short run all changes in the price level do not occur. C) technology is fixed, but not in the short run. D) the price level is constant in the long run, but fluctuates in the short run.
Most people base their current consumption spending at least partially on
a. short-run debt. b. long-run debt. c. long-run real interest rates. d. long-run income.