Changes in the expected future price level:
a. Shifts the short run aggregate supply curve upward
b. Shift the long run aggregate supply curve to the right.
c. Shift short run aggregate supply curves upward and long run aggregate supply curves to the right.
d. Do none of the above
b
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We know that products G and H are related goods, because when the price of G increases,
A) the demand curve for H will shift to the right, because G and H are complementary goods. B) the quantity of H demanded will shift along its demand curve, because G and H are complementary goods. C) the demand curve for H will shift to the left, because G and H are complementary goods. D) the demand curve for H will remain unchanged because G and H are substitute goods.
Perfectly competitive markets are characterized by: a. rivalry in product design
b. competition in terms of product quality. c. attempts by sellers to outdo one another with good service. d. none of the above.