In the Summer of 2008,consumers Indicated That They Were Less

question 7

Multiple Choice

In the summer of 2008,consumers indicated that they were less optimistic about the future of the economy.Such a change in sentiment is likely to

• A)shift aggregate demand to the left.
• B)increase output.
• C)decrease unemployment.
• D)increase prices.

---

Definitions:

Cost Function

A mathematical formula that describes the total cost of production as a function of the quantity of output produced.

Output Of Apples

The total amount of apples produced in a given time period, often used in agricultural and economic analysis.

Cost Function

A mathematical formula or representation showing how costs vary with changes in the level of an activity, such as production volume.

Output Of Apples

The total quantity of apples produced within a given timeframe, often used to measure agricultural productivity.