During the Great Depression, the United States Underwent a Movement

question 132

Multiple Choice

During the Great Depression, the United States underwent a movement _____ along the short-run aggregate supply curve; during the 1979 oil crisis, the United States underwent a _____ shift in the short-run aggregate supply curve.

• A) down; leftward
• B) up; leftward
• C) up; rightward
• D) down; rightward

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Definitions:

Output

The total amount of goods or services produced by a person, machine, or industry.

Total Fixed Cost

The sum of all expenses that remain constant regardless of the level of production or output in a business operation.

Average Fixed Cost

the total fixed costs divided by the number of units produced, illustrating how fixed costs dilute with increased production.

Average Variable Cost

The total variable costs of production divided by the number of units produced, representing the variable cost per unit.