Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward
B. Short-run aggregate supply shifting upward
C. Short-run aggregate supply shifting downward
D. Aggregate demand shifting leftward
Answer: B
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If a curve falls and then rises, it shows
A) a maximum. B) a minimum. C) a linear relationship D) a constant slope relationship
Which of the following describes a situation in which demand must be elastic? a. Total revenue increases by 15 percent when the price of corn dogs rises by 15 percent
b. Total revenue increases by less than 15 percent when the price of corn dogs rises by 15 percent. c. Total revenue decreases by more than 15 percent when the price of corn dogs rises by 15 percent. d. Total revenue increases by $15 when the price of corn dogs rises by $15. e. Total revenue increases by more than $15 when the price of corn dogs rises by $15.
Dividing the total cost of undertaking n units of an activity by n reveals the:
A. marginal cost. B. average cost. C. average benefit. D. units per cost.
Economists have difficulty applying the scientific method because
What will be an ideal response?