Other Things Equal, the Short-Run Aggregate Supply Curve Shifts Positions

question 50

Multiple Choice

Other things equal, the short-run aggregate supply curve shifts positions when:

• A)the price level changes.
• B)the rate of inflation changes.
• C)input prices change.
• D)aggregate demand changes.

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Definitions:

Positive Economics

The branch of economic analysis that describes the way the economy actually works.

Production Possibility Frontier

A visual map outlying the highest possible production levels for two goods, considering a defined compilation of resources and other relevant factors.

Minimum Quantity

The smallest amount of a product that can be ordered or purchased at one time.

Gain From Trade

The advantage or improvement in outcome that countries or individuals achieve through the act of trading goods or services.