The Long-Run Aggregate Supply Curve Would Shift Left If the Amount

question 32

Multiple Choice

The long-run aggregate supply curve would shift left if the amount of labor available

• A)increased or Congress made a substantial increase in the minimum wage.
• B)decreased or Congress abolished the minimum wage.
• C)increased or Congress abolished the minimum wage.
• D)decreased or Congress made a substantial increase in the minimum wage.

Understand the concept of average total cost and its significance in the short run and long run.

Calculate and interpret the marginal product of labor.

Identify and calculate fixed and variable production costs.

Recognize the concept and implications of diminishing returns to labor.

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Definitions:

External Incentives

Rewards or punishments from the external environment that influence the motivation for certain behaviors.

Appetite-Suppressing Hormone

A hormone that reduces the sensation of hunger, helping control food intake and manage body weight.

Digestive Tract

A series of hollow organs joined in a long, twisting tube from the mouth to the anus, involved in digesting food.

Ghrelin

A hormone produced in the stomach that stimulates appetite, signaling the body to consume food.