Answer:
D) real GDP will remain the same and price level will increase
Explanation:
The long-run equilibrium is at the aggregate demand curve and the long-run aggregate supply curve. Since the long-run supply curve is vertical, the output does not change. Therefore, when the entire demand curve shifts to the right, the real GDP remains the same, but the price level increases.
We actually recently learned about this in lecture. Although the president may seem like they have unlimited power in Congress, there's three separate powers called checks and balances that help keep equal and fair treatment among Americans and our economy. In order for an idea to be implemented into a law, the idea must pass from Congress, to the Senate, to the president, and then back to Congress again for a final answer. They have to sit down an negotiate the reasons why the supposed law or proposals that's being pitched will benefit the country in a safe, humane, and mindful way. The president can veto a proposed bill if he or she does not believe it benefits our country but Congress has unlimited chances to send the bill back. This can go on and on forever until both the president and executive branch reach a leveled consensus on the proposal.
Patent law in the US is the Patent Act. It protects new inventions and establishes the US Patent Office to accept patent applications. Its authority is from the US Constitution which says "Congress shall have power to promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries."
