If the Money Wage Rate Rises, Then the

question 359

Multiple Choice

If the money wage rate rises, then the

• A) SAS curve shifts rightward.
• B) SAS curve shifts leftward.
• C) LAS curve shifts rightward.
• D) LAS curve shifts leftward.

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Definitions:

Cost Leadership

A strategy businesses use to become the lowest-cost producer in their industry to gain a competitive advantage.

Porter's Generic

Strategies developed by Michael E. Porter that outline three potential strategies for achieving competitive advantage: cost leadership, differentiation, and focus.

Brand Name

The distinctive title that identifies a product or company, differentiating it from competitors in the marketplace.

Competitive Advantage

The favorable position a business gains over its competitors, typically through greater value to customers, lower costs, or both.