Suppose That During World War II the Long-Run Aggregate Supply

question 113

Multiple Choice

Suppose that during World War II the long-run aggregate supply curve shifted right.In order for price and output to have changed in the direction they did,what would have to have happened to aggregate demand?

• A)It would have to have shifted left by less than aggregate supply shifted
• B)It would have to have to shifted left by more than aggregate supply shifted.
• C)It would have to have shifted right by less than aggregate supply shifted
• D)It would have to have to shifted right by more than aggregate supply shifted.

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Definitions:

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced, which decreases as more units are produced.

Output Level

The quantity of goods or services produced by a firm, industry, or economy in a given time period.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit.

Marginal Cost

The cost of producing one additional unit of a product or service.