The Queensland economy is initially in long-run equilibrium. Due to a worldwide oversupply, the import price of fertilisers (used widely in the Queensland agricultural sector) has fallen. In the short run: the aggregate demand curve does not shift and the short-run aggregate supply curve shifts right. the aggregate demand curve does not shift and the short-run aggregate supply curve shifts left. the aggregate demand curve shifts right and the short-run aggregate supply curve does not shift. the aggregate demand curves shifts left and the short-run aggregate supply curve shifts right. the aggregate demand curve shifts left and the short-run aggregate supply curve does not shift.

The Queensland economy is initially in long-run equilibrium. Due to a worldwide oversupply, the import price of fertilisers (used widely in the Queensland agricultural sector) has fallen. In the short run: the aggregate demand curve does not shift and the short-run aggregate supply curve shifts right. the aggregate demand curve does not shift and the short-run aggregate supply curve shifts left. the aggregate demand curve shifts right and the short-run aggregate supply curve does not shift. the aggregate demand curves shifts left and the short-run aggregate supply curve shifts right. the aggregate demand curve shifts left and the short-run aggregate supply curve does not shift.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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