If the Money Price of a Resource Such as Oil

question 407

Multiple Choice

If the money price of a resource such as oil falls, then the

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

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Definitions:

Current Liabilities

Obligations or debts that a company needs to settle within one fiscal year or its operating cycle, whichever is longer.

Vertical Analysis

A method of financial statement analysis in which each entry for each of the three major categories of accounts, or financial statements, is represented as a proportion of the total account.

Net Income

The amount by which revenues exceed expenses.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold by a company.