Figure 33-2. -Refer to Figure 33-2.Suppose the Economy Starts at Z.If Changes

question 476

Multiple Choice

Figure 33-2.
-Refer to Figure 33-2.Suppose the economy starts at Z.If changes occur that move the economy to a new short run equilibrium of P₃ and Y₃ ,then it must be the case that

• A) short run aggregate supply has decreased.
• B) short run aggregate supply has increased.
• C) aggregate demand has increased.
• D) aggregate demand has decreased.

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Definitions:

Variability

The extent to which data points in a statistical distribution or set differ from each other and from their average.

Descriptive Statistics

Statistical methods that summarize and organize data to describe its main features, often through the use of charts, graphs, and summary measures.

Significance Test

A statistical method used to determine if the results of an experiment are likely to be due to chance or if they are significant.

P Value

A statistical measure that helps scientists determine the significance of their research results, indicating the probability of observing the results by chance.