Something that would cause the long-run aggregate supply curve to shift to the right would be the:
A. inflation rate decreasing.
B. The long-run aggregate supply curve is fixed, and does not shift.
C. unemployment rate decreasing.
D. discovery of a new oil reserve.
Answer: D
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Giving the store clerk a $20 bill for a sweater priced at $20 is an example of money serving as a
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred value.
The traditional typewriter market has collapsed over the past few decades because people prefer personal computers. Yet, some new typewriters continue to be produced and sold at historically low prices
How would you explain the decline in typewriter prices? A) Typewriter producers have become less greedy. B) The demand curve for typewriters has shifted to the left. C) The supply curve for typewriters has shifted to the right. D) The supply curve for typewriters has shifted to the left.
Comment on the following statement: "Diminishing returns occur when total output falls as additional units of labor are combined with fixed inputs in the production process."
What will be an ideal response?
Which of the following has occurred as the millennial generation has come of age?
A) The demand for golf equipment has decreased in the U.S. market. B) The demand for traditional fast food has increased in the U.S. market. C) The demand for "fast casual" food has decreased in the U.S. market. D) all of the above