Author Question: The steepness of the aggregate supply curve depends on the: a. rate of inflation in the economy. ... (Read 51 times)

nevelica · **on:** Jun 30, 2018

The steepness of the aggregate supply curve depends on the:
a. rate of inflation in the economy.
b. change in relative prices of commodities.
c. substitutability of the inputs used in producing various goods and services.
d. ability of the producers to respond to price-level changes in the short run.
e. the market rate of interest.

Question 2

The term ceteris paribus means that:
a. everything is variable.
b. all variables except those specified are constant.
c. no one knows which variables will change and which will remain constant.
d. what is true for the individual is not necessarily true for the whole.