13.8 For each of the following scenarios, choose whether the short-run aggregate supply (SRAS) curve will shift to the left or the right. The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. In 2005, Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This subsequently drove up natural gas, gasoline, and heating oil prices. 1. SRAS shifts to the left 2. SRAS shifts to the right Workers leave the country to seek out better opportunities in other countries. The economy receives an influx of new workers from immigration. 2 v

13.8 For each of the following scenarios, choose whether the short-run aggregate supply (SRAS) curve will shift to the left or the right. The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. In 2005, Hurricane Katrina destroyed oil and natural gas refining capacity in the Gulf of Mexico. This subsequently drove up natural gas, gasoline, and heating oil prices. 1. SRAS shifts to the left 2. SRAS shifts to the right Workers leave the country to seek out better opportunities in other countries. The economy receives an influx of new workers from immigration. 2 v

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.12P

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