Suppose That Real Domestic Output in an Economy Is 20

question 143

Multiple Choice

Suppose that real domestic output in an economy is 20 units, the quantity of inputs is 10, and the price of each input is $4.Refer to the above information.Given an increase in input price from $4 to $6, we would expect the aggregate:

• A)supply curve to shift to the left.
• B)supply curve to shift to the right.
• C)demand curve to shift to the left.
• D)demand curve to shift to the right.

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Definitions:

Swept Away

Completely removed, eliminated, or overtaken by a powerful force.

Access to Resources

The ability or permission to approach, use, or benefit from assets or services that are necessary for well-being or economic production.

American Society

Describes the social structure, cultural norms, and societal behaviors prevalent within the United States.

Social Stratification

The hierarchical arrangement of society whereby individuals or groups are ranked according to various criteria like wealth, power, and status.