Suppose That There Has Been Bad Weather Resulting in a Temporary

question 39

Multiple Choice

Suppose that there has been bad weather resulting in a temporary decrease in the availability of oil and the economy has reached its new short-run equilibrium. What happens as the economy moves from this short-run equilibrium to long-run equilibrium?

• A) Prices and output rise.
• B) Prices and output fall.
• C) Prices rise and output falls.
• D) Prices fall and output rises.

---

Definitions:

High-Context Culture

A culture in which most information is inferred from the context, rather than being spelled out explicitly in words.

Communications Executive

A senior-level professional responsible for overseeing an organization's internal and external communication strategies.

International Business Correspondence

The exchange of written communication between parties from different countries for the purpose of business.

Conscious Buyers

Consumers who make purchasing decisions based on the social, environmental, and ethical implications of products.