An Increase in Labour Hours Will Lead to

question 91

Multiple Choice

An increase in labour hours will lead to

• A)an upward shift of the aggregate production function.
• B)a movement along the aggregate production function.
• C)both a movement along and an upward shift of the aggregate production function.
• D)neither a movement along nor a shift of the aggregate production function.
• E)a downward shift of the aggregate production function.

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Definitions:

Market

Any structured system or venue where parties engage in exchange of goods, services, or information.

Price Ceiling

A legally established maximum price that can be charged for a good or service, intended to protect consumers from high prices.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price.

Government

A system or group of people governing an organized community, often a state.