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The Fed can influence unemployment in:
a) The short run, and in the long run.
b) The short run, but not in the long run.
c) The long run, but not in the short run.
d) Neither the short nor the long run.
The supply of oil is likely to be
a. Inelastic in both the short run and long run.
b. Elastic in both the short run and long run.
c. Elastic in the short run and inelastic in the long run.
d. Inelastic in the short run and elastic in the long run.
Prices are likely to be least flexible:
a. in the long run
b. in the short run
c. in both long-run and short-run
d. in neither short run nor long run