The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. What did this technological change do the short-run supply curve?
A) It moved the economy up along a stationary short-run aggregate supply curve.
B) It shifted the short-run aggregate supply curve to the left.
C) It moved the economy down along a stationary short-run aggregate supply curve.
D) It shifted the short-run aggregate supply curve to the right.
D
You might also like to view...
Moving along the short-run Phillips curve, if ________ increases, then ________ decreases
A) unemployment; the price level B) inflation; real GDP C) inflation; unemployment D) unemployment; the expected inflation rate E) inflation; the price level
A monopoly firm can make economic profit in the long run. A firm in monopolistic competition cannot. What creates this difference?
What will be an ideal response?
A recent study indicated that "Stricter college alcohol policies such as raising the price of alcohol, or banning alcohol on campus, decreases the number of students who use marijuana"
This indicates that the cross-price elasticity between alcohol and marijuana is positive. Indicate whether the statement is true or false
A tariff on French perfume will ____ the price of perfume in the U.S. and ____ the quantity purchased.
Fill in the blank(s) with the appropriate word(s).