Which of the Following Is Implied by a Leftward Shift

question 70

Multiple Choice

Which of the following is implied by a leftward shift in the economy's AS curve?

• A)There is an increase in aggregate supply.
• B)There is a demand shock.
• C)At any given price level,a lower level of output will be supplied.
• D)At any given price level,a higher level of output will be supplied.
• E)The same output will be produced in equilibrium,but at a lower price level.

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Definitions:

Cynical

Having a belief that people are motivated purely by self-interest; skeptical of the motives of others.

Empirical Approach

A method of acquiring knowledge based on observation, experimentation, and evidence rather than theories or pure logic.

Examine Assumptions

The process of critically questioning and evaluating the underlying beliefs or principles that are taken for granted in arguments, theories, or policies.

Observation

The action or process of observing something or someone carefully or in order to gain information.