In the Short Run, an Increase in the Price of a Major

question 72

Multiple Choice

In the short run, an increase in the price of a major input such as oil will:

• A) decrease both the price level and the level of output.
• B) decrease the price level and increase the level of output.
• C) increase the price level and decrease the level of output.
• D) increase the price level and increase the level of output.

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Definitions:

Gantt Chart

A visual project management tool that maps out tasks or activities against time, showing the start and end dates, as well as the sequence of tasks.

Bar Chart

A visual consisting of parallel bars or rectangles that represent specific sets of data.

Geographical Regions

Spatial areas on the Earth's surface that are demarcated by natural or administrative boundaries and often grouped by common physical, cultural, or economic characteristics.

Division Contribution

The specific input or impact that a particular division, department, or group within an organization has towards achieving its overall objectives.