If a war interrupted oil production, which of the following would most likely happen in the short run?
a. Unit costs would decrease and there would be an upward movement along the aggregate supply curve.
b. Unit costs would increase and the aggregate supply curve would shift upward.
c. Unit costs would increase and the aggregate supply curve would shift downward.
d. Unit costs would decrease and the aggregate supply curve would shift upward.
e. Unit costs would increase and there would be movement along the aggregate supply curve.
B
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The additional payment a borrower has to make on a loan is referred to as:
A) credit. B) stock. C) principal. D) interest.
In the above figure, the equilibrium price of a paperback book is $6 per book and the equilibrium quantity is 3 million books. The National Literature Board convinces the government to impose a price ceiling of $6 per book
At this price, the quantity of books supplied to the market will be A) 3 million a month and will equal the quantity demanded. B) less than 3 million a month and will exceed the quantity demanded. C) less than 3 million a month and will be less than the quantity demanded. D) more than 3 million a month and will exceed the quantity demanded.