It is very important to distinguish between the short run and the long run when we are discussing
a) the aggregate demand
b) the aggregate expenditures
c) the aggregate supply
d) changes in the price level
e) all of the above
Answer: c) the aggregate supply
Economics
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If the aggregate price level adjusts slowly over time, then an expansionary monetary policy lowers
A) only the short-term nominal interest rate. B) only the short-term real interest rate. C) both the short-term nominal and real interest rates. D) the short-term nominal, the short-term real, and the long-term real interest rates.
Economics
A feature of perfect competition is
A) use of non-price competition by firms. B) mutual interdependence among firms. C) unique products. D) standardized products.
Economics