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.
When was the Liberalized Remittance Scheme introduced?
What additional award did Rachel Gupta receive along with the Miss Grand International 2024 title?
The MSME Ministry launched SAMARTH — a special entrepreneurship promotion drive for ____________.
The time period of a pendulum when taken to the Moon would:
________________ has acquired a 4.93 per cent equity share in Indian Gas Exchange Limited.
What is a bull market means?
Which public sector bank has raised ₹3,090 crore worth of funds through the sale of 15-year tier-II bonds & has planned a bond sale with a base size...
Which country plans to rejoin UNESCO and pay more than $600m in back dues after a decade-long dispute?
India recently joined which mega project for celestial observation, marking its involvement in an intergovernmental organization established in 2021?
What was the theme for “World Water day” this year?