Which of the Following Would Not Be Associated with a Favorable

question 34

Multiple Choice

Which of the following would not be associated with a favorable supply shock?

• A)the short-run Phillips curve shifts left
• B)unemployment falls
• C)the price level rises
• D)output rises.

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Definitions:

Government

The organized body responsible for overseeing the political administration and governance of a state or nation.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price in a given period.

Binding

A situation, typically in the context of contracts or agreements, where parties are legally obligated to adhere to the terms set forth.

Price Ceiling

A legal maximum price set by authorities for goods or services, intended to prevent prices from rising above a certain level to protect consumers.