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As shown in the diagram to the right, the short-run aggregate supply curve (AS)

ID: 1221196 • Letter: A

Question

As shown in the diagram to the right, the short-run aggregate supply curve (AS) is upward-sloping. This positive slope is explained in part by the fact that in the short-run, output prices are slower to adjust to increasing aggregate demand than are input prices. input price increases cause firms to raise their prices. in the short-run. input prices-particularly wage rates-are slower to adjust to increasing aggregate demand than are output prices. business owners are more intelligent than other resource owners.

Explanation / Answer

B is Correct, Increased or decreased input prices will Increase or Decrease in the price level.

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As shown in the diagram to the right, the short-run aggregate supply curve (AS)
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