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In the Context of Aggregate Supply, the Long Run Is

Question 21

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In the context of aggregate supply, the long run is defined as the period during which


A) some prices are set by contracts and cannot be adjusted.
B) prices can change, but neither aggregate supply nor aggregate demand can shift.
C) individuals have sufficient time to modify their behavior in response to price changes.
D) quantity changes cannot occur in response to changes in relative prices.

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