In cases where no employer-specific skills are required for a particular job, a long-term relationship between an employer and an employee is unlikely

Potential output

a. is defined as the level of real output that the economy could produce at high rates of resource utilization. b. only occurs when both the unemployment rate and inflation rate are zero. c. can be estimated by choosing benchmark measures of high resource utilization. d. Both a and c

Which of the following is true of the long-run aggregate supply curve? a. It is vertical

b. The level of RGDP supplied does not change as the price level changes. c. The level of RGDP supplied changes with the levels of capital, land, labor, and technology available to the economy. d. all of the above