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Describe the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve. O A. the SRAS curve is horizontal and the LRAS curve is vertical B. the SRAS curve is vertical and the LRAS curve is upward sloping O c. the SRAS curve is vertical and the LRAS curve is horizontal O D. the SRAS curve is horizontal and the LRAS curve is upward sloping Why is the short-run aggregate supply curve horizontal? A. because capital is fixed in the short run B. because output is fixed in the short run OC. because the real interest rate is fixed in the short run O D. because prices remain fixed in the short run Why is the long-run aggregate supply curve vertical? A. because the price level depends on the amount of output B. because the capital stock changes to produce the fixed amount of output in the long run C. because prices are fixed in the long run O D. because the aggregate amount of output supplied is the full-employment level, regardless of the price level

Describe the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve. O A. the SRAS curve is horizontal and the LRAS curve is vertical B. the SRAS curve is vertical and the LRAS curve is upward sloping O c. the SRAS curve is vertical and the LRAS curve is horizontal O D. the SRAS curve is horizontal and the LRAS curve is upward sloping Why is the short-run aggregate supply curve horizontal? A. because capital is fixed in the short run B. because output is fixed in the short run OC. because the real interest rate is fixed in the short run O D. because prices remain fixed in the short run Why is the long-run aggregate supply curve vertical? A. because the price level depends on the amount of output B. because the capital stock changes to produce the fixed amount of output in the long run C. because prices are fixed in the long run O D. because the aggregate amount of output supplied is the full-employment level, regardless of the price level

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter23: Aggregate Demand And Aggregate Supply
Section: Chapter Questions
Problem 3CQQ
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Describe the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve. A. the SRAS curve is horizontal and the LRAS curve is vertical B. the SRAS curve is vertical and the LRAS curve is upward sloping O C. the SRAS curve is vertical and the LRAS curve is horizontal O D. the SRAS curve is horizontal and the LRAS curve is upward sloping Why is the short-run aggregate supply curve horizontal? O A. because capital is fixed in the short run В. cause output is fixed in the short run C. because the real interest rate is fixed in the short run D. because prices remain fixed in the short run Why is the long-run aggregate supply curve vertical? O A. because the price level depends on the amount of output B. because the capital stock changes to produce the fixed amount of output in the long run O C. because prices are fixed in the long run O D. because the aggregate amount of output supplied is the full-employment level, regardless of the price level
Transcribed Image Text:Describe the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve. A. the SRAS curve is horizontal and the LRAS curve is vertical B. the SRAS curve is vertical and the LRAS curve is upward sloping O C. the SRAS curve is vertical and the LRAS curve is horizontal O D. the SRAS curve is horizontal and the LRAS curve is upward sloping Why is the short-run aggregate supply curve horizontal? O A. because capital is fixed in the short run В. cause output is fixed in the short run C. because the real interest rate is fixed in the short run D. because prices remain fixed in the short run Why is the long-run aggregate supply curve vertical? O A. because the price level depends on the amount of output B. because the capital stock changes to produce the fixed amount of output in the long run O C. because prices are fixed in the long run O D. because the aggregate amount of output supplied is the full-employment level, regardless of the price level
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