Graphically, What Impact Would an Increase in the Price of Jet

question 205

Multiple Choice

Graphically, what impact would an increase in the price of jet fuel have on the market for air travel?

• A) It would shift the supply curve for air travel to the right.
• B) It would shift the supply curve for air travel to the left.
• C) It would shift the demand curve for air travel to the right.
• D) It would shift the demand curve for air travel to the left.

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Definitions:

Labor Force

The total number of people who are employed and unemployed but seeking work within an economy.

Price Level

The overall cost of goods and services expressed as an index, which helps to compare different periods' economic conditions.

Long-Run Aggregate Supply

The total amount of goods and services produced in an economy at full employment, unaffected by price levels in the long term.

Nominal Wage

The wage that is paid to workers in current dollars, without adjustment for inflation.