If Technological Change Shifts the Long-Run Aggregate-Supply Curve to the Right

question 106

Multiple Choice

If technological change shifts the long-run aggregate-supply curve to the right, it will also do which of the following?

• A) It shifts both the short-run and long-run Phillips curves to the right.
• B) It shifts both the short-run and long-run Phillips curves to the left.
• C) It will shift the short-run aggregate-supply curve to the right and the long-run Phillips curve to the left.
• D) It will shift the short-run aggregate-supply curve to the right and leave the long-run Phillips curve unaffected.

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Definitions:

Third Parties

Entities not primarily involved in a transaction or legal contract but who may be affected by it or have interests in its outcome.

Law Of Agency

A legal doctrine concerning the relationship between the agent and the principal, where the agent is authorized to act on behalf of the principal.

Quasi-Contract

A legal concept where the courts impose contractual obligations on parties not in an actual contract to prevent unjust enrichment.

Law Of Equity

A system of law that supplements the statutory and common laws, aiming to achieve fairness and justice in cases where strict application of the law might result in an inequitable outcome.