Which of the following statements is true regarding ... - Solved MCQs & Answer

2504EconomicsMedium

Which of the following statements is true regarding the long-run aggregate supply curve? The long-run aggregate supply cruve?

Ashifts right when the government raises the minimum wage

BIs vertical because an equal change in all prices and wages leaves output unaffected

Cis positively sloped because price expectations and wages tend to be fixed is the long run

Dshifts left when the natural rate of unemployment falls

Correct answer

B. Is vertical because an equal change in all prices and wages leaves output unaffected

Explanation

The correct answer is Is vertical because an equal change in all prices and wages leaves output unaffected.

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