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Which of the following is most likely to increase long-run aggregate supply in an economy?
A) A decrease in the size of the labor force
B) A deterioration in the quality of the labor force
C) A reduction in the cost of using computers
D) An increase in the price level
E) An increase in aggregate demand
Long-Run Aggregate Supply
The total quantity of goods and services an economy can produce when resources are fully employed, assuming constant technology and factors of production.
Labor Force
The total number of people employed and unemployed, seeking employment in an economy.
Technology
The application of scientific knowledge for practical purposes, especially in industry, involving the development and use of technical means and their interrelation with life, society, and the environment.
- Discern the variables that shape the long-term aggregate supply and demand, including technological evolution and resource availability.
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Learning Objectives
- Discern the variables that shape the long-term aggregate supply and demand, including technological evolution and resource availability.
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