Suppose There Is a Temporary Increase in the Price of Oil

question 85

Multiple Choice

Suppose there is a temporary increase in the price of oil. This is represented by

• A) a leftward shift of the SAS and the LAS curve.
• B) a leftward shift of the LAS curve.
• C) a rightward shift of the SAS curve.
• D) a leftward shift of the SAS curve.

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Definitions:

Fund Raiser

An event or campaign organized to collect money for a specific cause or project.

Work Force

The total number of people employed or in search of employment in a particular company, sector, or economy.

Layoff

A reduction in the workforce by a company, often to cut costs.

Commission

A fee paid to an employee or agent for facilitating a sale or transaction, usually calculated as a percentage of the sale price.