In the Short-Run, Any Fall in EP /P, Regardless

question 53

Multiple Choice

In the short-run, any fall in EP /P, regardless of its causes, will cause

• A) an upward shift in the aggregate demand function and an expansion of output.
• B) an upward shift in the aggregate demand function and a reduction in output.
• C) a downward shift in the aggregate demand function and an expansion of output.
• D) an downward shift in the aggregate demand function and a reduction in output.
• E) an upward shift in the aggregate demand function but leaves output intact.

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Definitions:

Charismatic Authority

A form of leadership where followers are drawn to the leader's personal qualities and the extraordinary way they articulate the needs and aspirations of their followers.

Mahatma Mohandas Gandhi

Mahatma Mohandas Gandhi was an Indian lawyer, anti-colonial nationalist, and political ethicist who led the successful campaign for India's independence from British Rule, employing non-violent resistance.

Leadership

The capacity to influence, guide, or direct a group towards achieving defined objectives.

Bureaucracy

A system of administration characterized by a hierarchical structure, specialization of functions, and a set of rules and procedures.