What Is the Difference Between a Change in Aggregate Supply

question 30

Multiple Choice

What is the difference between a change in aggregate supply and a change in aggregate output supplied?

• A) A change in aggregate supply is represented by a movement along the aggregate supply curve in response to a price change, while a change in aggregate output supplied is represented by a shift of the aggregate supply curve in response to a change in a determinant of aggregate supply other than the price level.
• B) A change in aggregate supply is represented by a shift of the aggregate supply curve in response to a change in the actual price level, while a change in aggregate output supplied is represented by a movement along the aggregate supply curve in response to a change in the expected price level.
• C) A change in aggregate supply is represented by a shift of the aggregate supply curve in response to a change in a determinant of aggregate supply other than the price level, while a change in aggregate output supplied is represented by a movement along the aggregate supply curve in response to a change in the price level.
• D) There is no difference between the two terms.

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Definitions:

Mechanic's Lien

A legal claim against a property by a contractor or repair person for unpaid labor or materials.

Materialman's Lien

A legal claim against a property by a contractor, supplier, or worker for unpaid labor or materials provided for improving the property.

Accommodation Surety

is a guarantor who agrees to be responsible for another's debt or obligation as a favor, without receiving any benefit.

Compensated Surety

A compensated surety refers to a person or entity that is paid to guarantee the performance of an obligation by another party.