Figure 33-3 PRICE LEVEL a a" P₂ P₂ LRAS A B Y₁ Y ₂ QUANTITY OF OUTPUT SRAS, SRAS AD Refer to Figure 33-3. In Figure 33-3, Point B represents a a. short-run equilibrium and a long-run equilibrium. b. short-run equilibrium, and Point A represents a long-run equilibrium. c. long-run equilibrium, and Point A represents a short-run equilibrium. O d. long-run equilibrium, and Point C represents a short-run equilibrium.

Figure 33-3 PRICE LEVEL a a" P₂ P₂ LRAS A B Y₁ Y ₂ QUANTITY OF OUTPUT SRAS, SRAS AD Refer to Figure 33-3. In Figure 33-3, Point B represents a a. short-run equilibrium and a long-run equilibrium. b. short-run equilibrium, and Point A represents a long-run equilibrium. c. long-run equilibrium, and Point A represents a short-run equilibrium. O d. long-run equilibrium, and Point C represents a short-run equilibrium.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 12RQ: Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?

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