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Use the following to answer questions
Figure: Determining SRAS Shifts Use the following to answer questions  Figure: Determining SRAS Shifts   -(Figure: Determining SRAS Shifts) If there are advances in technology,the short-run aggregate supply curve will shift from SRAS<sub>0</sub> to _____ and the price level will become _____. A)  SRAS<sub>1</sub>;P<sub>0</sub> B)  SRAS<sub>1</sub>;P<sub>1</sub> C)  SRAS<sub>2</sub>;P<sub>1</sub> D)  SRAS<sub>2</sub>;P<sub>2</sub>
-(Figure: Determining SRAS Shifts) If there are advances in technology,the short-run aggregate supply curve will shift from SRAS0 to _____ and the price level will become _____.


Definitions:

Labor Unions

Organizations that represent the collective interests of workers, negotiating wages, work conditions, and benefits with employers.

Bargaining Power

The capacity of one party to dominate negotiations due to their leverage or advantage over the other party.

Economic System

The method by which societies or governments organize and distribute available resources, goods, and services across a community or country.

Exclusive Union

A labor union agreement where the employer agrees to hire and negotiate only with one union.

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