The Short-Run Aggregate Supply Curve of an Industry Would Be

question 46

Multiple Choice

The short-run aggregate supply curve of an industry would be vertical if:

• A)input prices were fixed in the short run.
• B)the demand for final goods was fixed in the short run.
• C)there was no profit effect or misperception effect.
• D)an increase in output price decreased the output of the industry.
• E)output price was fixed in the short run.

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Definitions:

Boycotts

Organized campaigns where individuals or groups refuse to purchase, use, or deal with goods or services from a particular company, country, or organization, often for political or ethical reasons.

Agency Shops

A workplace arrangement where all workers must pay union dues, but membership in the union is not mandatory.

Union Membership

The status of being a member of a labor union, an organization that advocates for the rights and interests of employees in a particular sector or company.

Union Dues

The regular payments made by members of a labor union to support its activities, including negotiations for better working conditions and legal representation.