The Short Run Aggregate Supply (SRAS)curve Shifts Left When Oil

question 29

Multiple Choice

The short run aggregate supply (SRAS) curve shifts left when oil supply shocks occur because

• A)fewer goods are produced at any given price level due to higher oil prices.
• B)oil-based production has increased at any given price level.
• C)average total cost will fall at any given output level.
• D)the price level will fall at any given output level.

---

Definitions:

Closeout

The act of completing all project-related tasks, documenting outcomes, and formalizing the conclusion of a project.

Organizing

The process of arranging resources, defining roles, and establishing structures within an organization or project to achieve objectives efficiently.

Preparing

The process of making ready or being made ready for use or consideration, often involving planning and setup.

Planning

The process of making plans for something, including setting goals and determining the steps to achieve them.