What Would Be the Effect on Short-Run Aggregate Supply of a Large,permanent

question 10

Multiple Choice

What would be the effect on short-run aggregate supply of a large,permanent reduction in the world supply of oil?

• A)It would shift left (an increase in short-run aggregate supply).
• B)It would shift left (a decrease in short-run aggregate supply).
• C)It would shift right (a decrease in short-run aggregate supply).
• D)It would shift right (an increase in short-run aggregate supply).

Describe the process and applications of shaping through successive approximations.

Recognize the limitations of punishment and distinguish between its effects and those of reinforcement.

Understand the concept of discriminative stimuli and how it influences behaviour.

Describe the role of preparedness and biological predispositions in learning.

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Definitions:

Supply Curve

A curve showing the relation between the price of a good and the quantity producers are willing and able to sell per period other things constant.

Law of Demand

An economic principle that states the inverse relationship between the price of a good or service and the quantity demanded.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to buy at a specific price.

Price

The amount of money expected, required, or given in payment for something.