In the Long Run,which of the Following Would Shift the Long-Run

question 61

Multiple Choice

In the long run,which of the following would shift the long-run Phillips curve to the right?

• A)an increase in the minimum wage
• B)an increase in government spending
• C)an increase in the money supply
• D)a decrease in the money supply

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount they actually do pay.

Economic Decision

A choice made by individuals or organizations regarding the allocation of resources and the distribution of goods and services, often driven by cost-benefit analyses.

Excess Burden

Excess Burden, also known as deadweight loss, refers to the cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.

Consumers

Individuals or entities that purchase goods and services for personal use.