Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.

The unemployment that results from the quantity of labor supplied exceeding the quantity demanded is called frictional unemployment

a. True b. False Indicate whether the statement is true or false

A leftward shift in the supply curve of product X will increase equilibrium price to a greater extent the:

A. more elastic the supply curve. B. larger the elasticity of demand coefficient. C. more elastic the demand for the product. D. more inelastic the demand for the product.