The Long Run Aggregrate Supply Curve best represent which of the following? a. Wages are sticky in the long run b. The Natural Rate of Unemployment (full employment) c. Cyclical Unemployment d. rGDP (output)

The Long Run Aggregrate Supply Curve best represent which of the following? a. Wages are sticky in the long run b. The Natural Rate of Unemployment (full employment) c. Cyclical Unemployment d. rGDP (output)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The Long Run Aggregrate Supply Curve best represent which of the following?

a. Wages are sticky in the long run

b. The Natural Rate of Unemployment (full employment)

c. Cyclical Unemployment

d. rGDP (output)

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

Expert Solution

Step 1

Aggregate supply represents the total goods and services that producers produce and sell in the economy. In the short run, the aggregate supply curve is a positively sloped curve whereas in the long run, it is vertical shaped curve.

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