Which of the following will increase both the short-run and long-run aggregate supply curves? A. There are fewer firms involved in perfectly competitive and monopolistically competitive market structures as the economy features more oligopolies than before. B. The wage rate temporarily decreases throughout the economy. C. Younger workers in the labour force receive better and more training than their predecessors. D. The supply of key raw materials, such as petroleum and bauxite, is reduced. Which of the following is true concerning shifts of the long-run aggregate supply curve? A. An increase in the long-run aggregate supply curve causes its slope to become steeper as real GDP increases. B. An increase in the long-run aggregate supply curve causes greater unemployment. C. An increase in the long-run aggregate supply curve is depicted as a rightward shift and an increase in real GDP. D. A decrease in the long-run aggregate supply curve cannot happen in the AS/AD model.
Answer the given question with a proper explanation and step-by-step solution.
Which of the following will increase both the short-run and long-run
A.
There are fewer firms involved in perfectly
B.
The wage rate temporarily decreases throughout the economy.
C.
Younger workers in the labour force receive better and more training than their predecessors.
D.
The supply of key raw materials, such as petroleum and bauxite, is reduced.
Which of the following is true concerning shifts of the long-run aggregate supply curve?
A.
An increase in the long-run
B.
An increase in the long-run aggregate supply curve causes greater
C.
An increase in the long-run aggregate supply curve is depicted as a rightward shift and an increase in real GDP.
D.
A decrease in the long-run aggregate supply curve cannot happen in the AS/AD model.
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