Other Factors Held Constant, an Increase in Resource Prices Will

question 97

Multiple Choice

Other factors held constant, an increase in resource prices will shift the aggregate:

• A) demand curve leftward.
• B) demand curve rightward.
• C) supply curve leftward.
• D) supply curve rightward.

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Definitions:

Lean Manufacturing

The use of lean principles to accomplish high quality, low cost, fast response, and immediate availability in a manufacturing setting. Also called just-in-time (JIT) processing.

Unnecessary Waste

Refers to materials or resources that are excessively consumed or not utilized efficiently, leading to avoidable loss or expense.

Inventory

Merchandise on hand (not sold) at the end of an accounting period.

Work Around Products

Alternative solutions or products developed to circumvent problems or limitations in existing processes.