An increase in the amount of resources would shift the long-run aggregate supply curve:

A) rightward.
B) leftward.
C) no shift.
D) none of the above.


A

Economics

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Refer to Figure 18.3. The opportunity cost of producing scooters in Livonia is

A) 2/3 of a pogo stick. B) 6/5 of a pogo stick. C) 1.5 pogo sticks. D) 1.25 pogo sticks.

Economics

Each point on a ________ curve shows the willingness of consumers to purchase a product at different prices

A) production possibilities B) marginal cost C) demand D) supply

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Consumers maximize total utility within their budget constraint by

A) buying the cheapest goods they can find. B) buying whatever they like the best. C) buying the goods with the largest marginal utility per dollar spent. D) spending the same dollar amount for each good.

Economics

Refer to the labor market diagram where D is the labor demand curve, S is the labor supply curve, and MRC is the marginal resource (labor) cost curve. If this were a monopsonistic labor market, the equilibrium wage rate and level of employment would be:



A.  $5 and 3 respectively.
B.  $6 and 4 respectively.
C.  $7 and 5 respectively.
D.  $8 and 3 respectively.

Economics