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Select the TRUE statement below regarding aggregate supply in the long and short run.

O if production is below the LRAS, it will eventually have to fall back.

In the long run, changes in price will affect output.

O In the short run, there is no relationship between price level and RGDP.

O The discovery of new resources can cause the LRAS curve to move.

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C. ....................

Regarding aggregate supply in long and short run (C) is the correct option.

What is aggregate supply ?

The whole supply of goods and services produced within an economy at a certain overall price in a given period is known as aggregate supply, also known as total output.

What is the TRUE statement below regarding aggregate supply in the long and short run ?

During short run there is no relationship between price level and RGDP.

The intersection of the aggregate demand and short-run aggregate supply curves determines real GDP and price level in the short run. However, keep in mind that in the near run, sticky pricing may impede the economy from attaining its natural level of employment and output.

Hence we can say that In the short run, there is no relationship between price level and RGDP , (c) option is the correct answer.

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