Question
In the Classical model, what is the shape of the
Aggregate Supply (AS) curve in the long run, and why?Solution
In the Classical model, the long-run AS curve is vertical. This is because the Classical economists believe that output is determined by the supply of factors of production (labor, capital, and technology) and not by the price level. Prices and wages are flexible, and the economy is always at full employment. Therefore, changes in the price level do not affect the total output in the long run.
Which of the following hormones is called as stress hormone?
Desuckering, priming and topping terms are related to which crop?
Which of the following is a dicotyledonous weed?
Which input helps improve soil organic carbon levels?
Which of the following is also “grand period” of rainfall in India?
The term used in genetics in which an offspring to resemble its parent is known as
Under which Act was APEDA established to promote the export of agricultural and processed food products?
APEDA’s HortiNet system is primarily used for the traceability of which produce?
Which year marked the launch of the National Programme for Organic Production (NPOP)?
Which body ensures traceability of spice exports through its “SpiceNet” initiative?
