Suppose the Price of an Important Natural Resource Such as Oil

question 16

Multiple Choice

Suppose the price of an important natural resource such as oil falls. What will be the effect on the short-run aggregate supply curve?

• A) There will be movement to the left, along the aggregate supply curve.
• B) The aggregate supply curve will shift to the left.
• C) There will be movement to the right, along the aggregate supply curve.
• D) The aggregate supply curve will shift to the right.

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Definitions:

Procedural Unfairness

A situation where the methods or processes adopted in decision-making or dispute resolution are unjust or biased.

Dissatisfied

Feeling of discontent or displeasure resulting from unmet expectations or experiences, particularly in the context of products, services, or interpersonal relationships.

Equity Theory

A theory in social psychology that posits individuals are motivated by fairness in the rewards they receive for their efforts compared to others.

Process

A series of actions, changes, or functions that are intended to achieve a particular result.