Suppose that the "Millennial" generation values leisure more than past generations. We can expect a decrease in the labor supply as the Millennials enter their prime working ages and a corresponding increase in wages

A rightward shift of the aggregate demand curve leads to

A) an upward movement along the short-run Phillips curve. B) neither a movement along nor a shift in the short-run Phillips curve. C) a downward movement along the short-run Phillips curve. D) a leftward shift of the short-run Phillips curve. E) a rightward shift of the short-run Phillips curve.

Tastes are starting to change for hybrid vehicles such that consumers are purchasing more hybrid vehicles and suppliers are choosing to produce more hybrid vehicles than they were five years ago. Due to the change in tastes, equilibrium price has fallen and equilibrium quantity has increased relative to the hybrid market from five years ago. What is the likely cause of this result?

A) Supply increased by more than demand. B) Demand increased by more than supply. C) Demand and supply increased by the same amount. D) Only supply increased.