An Increase in Short-Run Aggregate Supply Is

question 15

Multiple Choice

An increase in short-run aggregate supply is

• A) the result of an increase in the price level.
• B) represented by a movement from one point to another up along the existing SRAS curve.
• C) represented by a rightward shift in the SRAS curve.
• D) both a and b
• E) both a and C

---

Definitions:

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome, often known as the "I-knew-it-all-along" phenomenon.

Just-World Phenomenon

The Just-World Phenomenon is a cognitive bias wherein individuals believe that the world is inherently fair, leading them to rationalize others' suffering as deserved due to their actions.

Scapegoating

The practice of singling out one person or group for unmerited blame and hostility.

Other-Race Effect

An inclination to more effortlessly discern faces of the race one is predominantly exposed to, generally one's own race.