Exhibit 10-3 Aggregate Supply and Demand Curves the Shift

question 32

Multiple Choice

Exhibit 10-3 Aggregate supply and demand curves The shift from AS₁ to AS₂ in Exhibit 10-3 could be caused by a(n) :

• A)sudden increase in the price of oil.
• B)increase in input prices for most firms.
• C)increase in workers' wages.
• D)all of these.

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Definitions:

Safer

Relates to conditions, practices, or items that minimize or reduce risk and enhance security.

Market Wage Rate

The average or prevailing wage paid to workers in a specific market or industry.

Out-of-town Travel

Journeys made to destinations outside one's usual residence or place of work, often implying leisure or business travel that takes place away from the local area.

Work Hours

The specific times or period during which an employee is expected to carry out their job duties.