Assume That the Economy Is at a Long Run Equilibrium

question 227

Multiple Choice

Assume that the economy is at a long run equilibrium and oil prices rise. As a result, the ________ shifts ________.

• A) AD; rightward
• B) AD; leftward
• C) SAS; rightward
• D) SAS; leftward

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Definitions:

Notice

A formal indication or warning of something, especially in legal contexts, to inform parties about specific actions or decisions.

Reason To Know

A standard determining that a party has sufficient information to be aware of a fact, not necessarily having actual knowledge of it.

Wrongful Dissociation

In a business partnership context, refers to the improper withdrawal or expulsion of a partner contrary to the agreement terms or laws.

Rightful

Legitimately or legally correct; justifiably claimed or acknowledged.