Increases in the Availability of Natural Resources Will Affect the Aggregate

question 203

Multiple Choice

Increases in the availability of natural resources will affect the aggregate supply curve such that it

• A)shifts inward and becomes flatter.
• B)shifts inward.
• C)shifts outward.
• D)becomes flatter.
• E)becomes steeper.

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Definitions:

Product

An item, service, or idea offered to the market for consumption, use, or acquisition.

Sherman Act

A landmark federal statute in the U.S. antitrust law prohibiting monopolistic and anti-competitive practices.

Price Fixing

An illegal agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain market conditions so the price remains at a given level.

Illegal

Activities or actions that are prohibited by law and subject to criminal or civil penalties.