Which of the following basic economic concepts most clearly provides the foundation for the long-run aggregate supply curve?
a. the law of demand
b. the production possibilities curve
c. the law of comparative advantage
d. the law of diminishing marginal utility
B
You might also like to view...
Who receives the goods and services produced in the United States depends largely on
A) how income is distributed. B) what goods and services are produced. C) government redistribution. D) how the goods and services are produced.
Food and clothing tend to have
a. small income elasticities because consumers, regardless of their incomes, choose to buy relatively constant quantities of these goods. b. small income elasticities because consumers buy proportionately more of both goods at higher income levels than they buy at low income levels. c. large income elasticities because they are necessities. d. large income elasticities because they are relatively inexpensive.