The long-run aggregate supply relationship refers to:
a. a time period long enough for the prices of both outputs and inputs to adjust to changes in the economy.
b. any time period of more than a year
c. a time period in which input prices can change, but output prices have not had time to adjust.
d. a time period in which output prices can change but input prices have not had time to adjust.
a
Economics
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How does the imposition of a penalty for selling or possessing an illegal drug influence demand, supply, price, and the quantity of the drug consumed?
What will be an ideal response?
Economics
The case where a firm sells each unit at the maximum amount each customer is willing to pay for it is called
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) nonlinear price discrimination.
Economics