Asked by
Umair Ahmad
on Dec 17, 2024
Verified
Refer to Figure 33-2. If the economy starts at S and moves to V in the short run, the economy
A) moves to S in the long run.
B) moves to T in the long run.
C) moves to U in the long run.
D) stays at V in the long run.
Short Run
A period in economics during which at least one input is fixed while others are variable, commonly used to analyze short-term decision-making.
Long Run
A time frame in economics in which all factors of production and costs are variable, allowing all inputs to be adjusted.
- Explore the effect of alterations in the sum of demand and supply on the economy’s advancement towards a persistent equilibrium.
Verified Answer
JT
Learning Objectives
- Explore the effect of alterations in the sum of demand and supply on the economy’s advancement towards a persistent equilibrium.