The Long-Run Aggregate Supply Curve

question 27

Multiple Choice

The long-run aggregate supply curve:

• A) is affected by the price level.
• B) never moves.
• C) shifts right when the economy experiences economic growth.
• D) shifts left when the economy experiences economic growth.

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Definitions:

Authority

The power or right to give orders, make decisions, and enforce obedience.

Social Identity

The portion of an individual's self-concept derived from perceived membership in a relevant social group, such as a national, religious, or occupational group.

Feigned Scarcity

A tactic wherein a sense of scarcity is artificially created to increase demand or perceived value.

Lowball Technique

A persuasion strategy where an initially favorable offer is made, then its terms are made less favorable.