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.
A pentasaccharide that contains four units of galactose and one unit of sucrose, occurs mostly in
leguminous plants, which among the following ...
What is the MSP of Wheat for the Rabi Marketing Season 2026-27?
Which program was initiated by the government to encourage natural farming since 2019-2020?
Evaporative cooling system works on main principle of
Ragi is rich source of
which scheme is providing financial, technical and business support for upgradation/ setting up of 2 lakh micro food processing enterprises across the c...
In India, Tank irrigation is more common in which of the following regions:
The optimum number of flash cards is:
Which of the following states was the largest producer of cotton in 2023-24?
1.      When is World Soil day observed and what was the theme for the year 2023?
