Examine the graph below and answer the questions which follow.
a)What problem does the policy approach seek to address?
b)What might have cause of the shifting of the AS curve?
c)What might happen as a result of the shift?
Definitions:
Economic Power
The capability of entities like countries, corporations, or individuals to influence or control market conditions, including prices, supply, and demand.
Freedom Of Enterprise
The freedom of firms to obtain economic resources, to use those resources to produce products of the firms’ own choosing, and to sell their products in markets of their choice.
Individual Firms
Separate business entities that produce goods or provide services in an economy.
Laissez-Faire Capitalism
An economic system where private parties are free from government intervention in the production and distribution of goods and services, barring basic regulations.
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