Please highlight the correct answer for each question and explian why it is correct Which of the following is an example of a demand shocka large oil-price increasethe introduction and greater availability of credit cardsO a drought that destroys agricultural cropsO unions obtain a substantial wage increase Starting from a long run equilibrium, without any policy intervention, the long run impact of atemporary adverse supply shock is that prices willreturn to the old level and output will be permanently lower.be permanently higher and output will be permanently lower.be permanently higher and output will be restored to its long run level.return to the old level and output will be restored to its long run level.

As the demand for goods and services is being done by individuals. And people supplies various…

Which of the following is an example of a demand shock a large oil-price increase the introduction and greater availability of credit cards a drought that destroys agricultural crops unions obtain a substantial wage increase

Which of the following is an example of a demand shock a large oil-price increase the introduction and greater availability of credit cards a drought that destroys agricultural crops unions obtain a substantial wage increase

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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