Which of the following is not a factor that can shift the short-run aggregate supply curve?
A) changes in the wage rate
B) changes in the price of non-labor inputs such as oil
C) changes in labor productivity
D) a severe drought which extensively damages grain crops
E) none of the above
E
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Trade within a country typically involves ________, while trade between countries normally involves ________.
A. real currencies; nominal currencies B. a single currency; different currencies C. nominal currencies; real currencies D. flexible exchange rates; fixed exchange rates
When the total external and internal costs of a transaction are taken into consideration, this is known as
A) public costs. B) average total costs. C) social costs. D) marginal costs.
Cartels:
A. can effectively sustain large profits in the long run. B. are usually illegal. C. can act as if they are a single monopoly. D. All of these statements are true.
The minimum point of the average total cost curve always occurs at a larger output level than the minimum point of the average variable cost curve because:
A. marginal cost is rising. B. average fixed costs are falling. C. marginal cost is falling. D. average fixed costs are rising.