An increase in input prices will
A. aggregate supply to the left.
B. aggregate supply to the right.
C. aggregate demand to the right.
D. aggregate demand to the left.
Answer: A
Economics
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The most basic concept in economics is
A) wealth. B) income. C) scarcity. D) human need.
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The additional revenue associated with hiring one additional unit of some factor input, such as labor, is called
A) marginal cost. B) marginal revenue product. C) marginal factor cost. D) marginal physical product.
Economics