Question 1
Related to the
Economics in Practice on p. 547: In the simple "Keynesian" view, the aggregate supply curve
◦ is downward sloping.
◦ is completely horizontal.
◦ is completely vertical.
◦ is horizontal in part, and vertical in part.
Question 2
In the long run
◦ the level of output is independent of the price level.
◦ the level of output is depends on the price level.
◦ price and output levels are mutually dependent.
◦ the price level is independent of the level of output.