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If the short-run aggregate supply curve is horizontal, then changes in aggregate demand affect

a. level of output and prices

b. prices

c. level of output and inputs in the production

d. level of output but not prices

 

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
29 Oct 2020

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Related questions

Match the following descriptions with the correct aggregate supply curve.

Instructions: You may select more than one answer. 

A) Immediate short run

1) A vertical line.

2) The price level is fixed.

3) Output prices are flexible but input prices are fixed.

4) A horizontal line.

5) An upsloping curve.

6) Output is fixed.

B) Short-run

1) A vertical line.

2) The price level is fixed.

3) Output prices are flexible but input prices are fixed.

4) A horizontal line.

5) An upsloping curve.

6) Output is fixed.

C) Long run

1) A vertical line.

2) The price level is fixed.

3) Output prices are flexible but input prices are fixed.

4) A horizontal line.

5) An upsloping curve.

6) Output is fixed.

Which one of the following statements is true?

A) In the long run, the level of output is determined by demand.

B) In the long run, the aggregate supply curve is horizontal.

C) Where aggregate demand and aggregate supply intersect is always the full-employment level of output.

D) In the short run, the level of output is determined by demand.

The upward slope of the short-run aggregate supply curve is based on the assumption that:

1. Wages and other resource prices do not respond to price level changes.

2. Wages and other resource prices do respond to price level changes.

3. Prices of output do not respond to price level changes.

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