Suppose the Price of an Important Natural Resource Such as Oil

question 16

Multiple Choice

Suppose the price of an important natural resource such as oil falls. What will be the effect on the short-run aggregate supply curve?

• A) There will be movement to the left, along the aggregate supply curve.
• B) The aggregate supply curve will shift to the left.
• C) There will be movement to the right, along the aggregate supply curve.
• D) The aggregate supply curve will shift to the right.

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Definitions:

Encoding

The process by which information is transformed into a format that can be stored in memory.

Retrieval

The process of recalling information, experiences, and memories stored in the brain.

Storage

The process of retaining encoded information over time in the memory.

Explicit Memory

Explicit memory is a type of long-term memory that involves conscious recollection of factual information, previous experiences, and concepts.