The position of the long-run aggregate-supply curve shows the quality of goods and services predicted by classical macroeconomic theory.

Name: The position of the long-run aggregate-supply curve shows the quality of goods and services predicted by classical macroeconomic theory.
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Question

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The position of the long-run aggregate-supply curve shows the total output of goods and services that an economy can produce when it is fully employed, not the quality of those goods and services.

The Position of the Long-Run Aggregate-Supply Curve Shows the Quality