The long-run aggregate supply curve is vertical at the level of real output that corresponds to the natural rate of employment.

What is meant by comparative statics? Is it different from the concept of marginal analysis? Explain with the help of suitable examples

What will be an ideal response?

On the farm, which of the following people had the highest labor value?

(a) A woman (b) A man (c) A child (d) A grandparent