rview - eBay S... ➜ OculusAasightCH.Score: 31/87 40/70 answeredQuestion 331200+1100-1000-900-800-700-1600-500-Price Level400-300-200100-Google Cloud ser...AD SMOOTThe graph below shows the Long-Run Aggregate Supply Curves (LRAS) for the US.▼Hint< >LRASILRASILeaf DashboardLRAS2100 200 300 400 500 600 700 800 90010001100120Real GDPWhat event could shift LRAS from LRAS1 (black color) to LRAS2 (red color) in the US?O Increase in capital.O Decrease in labor.O Decrease in human capital.HEX PROXIESSc

Aggregate Supply:Supply is the total number of goods and services produced by a producer is called supply. Supply depends on demand. It includes the consumer's dependent and independent variables.Increase in capital:Correct. An increase in capital, such as investments in machinery, technology, or infrastructure, can shift the LRAS curve to the right. This is because increased capital can enhance productivity and, consequently, the economy's potential output.Decrease in labor:Incorrect. A decrease in the quantity or quality of labor would typically shift the LRAS curve to the left. A reduction in the workforce or a decline in the skills and education of the labor force would lower potential output.Decrease in human capital:Incorrect. Human capital refers to the skills, education, and knowledge of the workforce. A decrease in human capital would likely result in reduced productivity and a leftward shift in the LRAS curve.Therefore, the correct option is an increase in capital.

Answered: What event could shift LRAS from LRAS1…

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What event could shift LRAS from LRAS1 (black color) to LRAS2 (red color) in the US? O Increase in capital. O Decrease in labor. O Decrease in human capital.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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