What Happens to Prices and Output When the Long-Run Aggregate-Supply

question 58

Multiple Choice

What happens to prices and output when the long-run aggregate-supply curve shifts left?

• A) Prices and output both increase.
• B) Prices and output both decrease.
• C) Prices increase and output decreases.
• D) Prices decrease and output increases.

---

Definitions:

Authoritative Right

The power or right, often vested in a governing body or leader, to enforce laws, command, or make decisions.

Legislation

Laws or acts passed by a legislative body, such as a parliament or congress.

Grenville

Often associated with George Grenville, a British Whig statesman whose policies, including the Stamp Act 1765, stirred discontent in the American colonies and contributed to the American Revolutionary War.

Western North Carolina

A region of the state of North Carolina in the United States, characterized by the Appalachian Mountains and known for its natural beauty and outdoor recreational opportunities.