The long run is a period of time when the price level equals 100.

Name: The long run is a period of time when the price level equals 100.
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Question

Quizplus · Accepted Answer

In the long run, the price level is not fixed at 100. The long run is a period of time when all factors of production are variable, and therefore, the economy can adjust to changes in supply and demand to reach a new equilibrium. This may result in changes in the price level.

The Long Run Is a Period of Time When the Price