The long-run aggregate supply curve (LRAS) is:
a. a vertical curve that relates the level of real GDP produced to the price level in the long run
b. an upward sloping curve that relates the level of real GDP produced to the price level in the long run.
c. an infinite curve that relates the level of real GDP produced to the price level in the long run.
d. none of the above are true.
a
Economics
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If TC = 321 + 55Q - 5Q2, then average total cost at Q = 10 is:
a. 10.2 b. 102 c. 37.1 d. 371 e. 321
Economics
Which of the following is true of a recession? a. It is typically accompanied by inflation and investment growth. b. It lasts for more than two years on an average
c. It is typically longer than periods of expansion. d. It begins after an expansion has peaked. e. It continues as long as actual output exceeds the potential output.
Economics