Question: Which statement correctly describes the difference between short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS)? Choose 1 answer: Choose 1 answer: (Choice A) Prices

Which statement correctly describes the difference between short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS)? Choose 1 answer: Choose 1 answer: (Choice A) Prices and wages are flexible in the SRAS curve, but the LRAS curve assumes that prices and wages are fixed. A Prices and wages are flexible in the SRAS curve, but the LRAS curve assumes that prices and wages are fixed. (Choice B) Any period less than six months is represented with the SRAS curve, but LRAS refers to any period beyond that. B Any period less than six months is represented with the SRAS curve, but LRAS refers to any period beyond that. (Choice C) SRAS is downward sloping, but LRAS is upward sloping. C SRAS is downward sloping, but LRAS is upward sloping. (Choice D) The SRAS curve is upward sloping, but LRAS is downward sloping. D The SRAS curve is upward sloping, but LRAS is downward sloping. (Choice E) There is a tradeoff between inflation and unemployment in the SRAS curve but not with the LRAS curve. E There is a tradeoff between inflation and unemployment in the SRAS curve but not with the LRAS curve

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