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Solved: The Long-run Mixture Provide Curve Is Vertical As A Outcome Of It Incorporates The Assumptions Of Keynesian Concept The Economic System Will Gravitate To The Position Of Full Employment When All Variables Are Flexible Wages, Costs, And Rates Of Interest Aren’t Flexible In The Long Run Many Inputs Are Mounted
It is vertical because it does not depend on any worth improve or decrease. In the long run, all factors of production are variable since they adjust with worth adjustments. However, if the price rises, the output increases to the profit’s advantage. Thus, we see that the economy runs at its full potential and employment […]