-Refer to Figure 15-15

question 101

Multiple Choice

-Refer to Figure 15-15.Suppose the economy is producing Y₁ and a supply shock moves the economy from AS₁ to AS₂.In the long run,we would expect

• A) falling wages to shift aggregate supply back to AS₁
• B) rising wages to cause a further upward shift of the aggregate supply curve
• C) the decrease in real GDP to shift the aggregate demand curve to the left
• D) the increase in the price level to decrease aggregate demand
• E) output to remain at the new equilibrium

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Definitions:

Market Share

The percentage of an industry's sales that a specific company controls.

Customer Benefits

The advantages or value that consumers receive from using a product or service, which can drive purchasing decisions.

Value

The importance, worth, or usefulness of something, often considered in terms of what is offered to a customer or stakeholder.

Generic Strategy

Broad marketing strategies that can be applied across industries, typically categorized as cost leadership, differentiation, or focus strategies.