A Decrease in the Price of Resources Will Cause the Aggregate

question 209

Multiple Choice

A decrease in the price of resources will cause the aggregate supply curve to

• A)shift outward.
• B)shift inward.
• C)become flatter.
• D)become steeper.

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Definitions:

Accord And Satisfaction

A legal contract where a dispute is settled by the parties involved agreeing to give and accept something of value in resolution, significantly altering the original contract's terms.

Unilateral Contract

A contract in which one party promises to perform a specific action in return for a performance, not a promise, by the other party.

Consideration

Consideration in contract law refers to something of value exchanged between parties as part of an agreement.

Illusory Promise

A statement that appears to be a promise but does not actually bind the party to any obligation, making it unenforceable as a contract.