An increase in the money wage rate ________ and an increase in the money prices of raw materials ________.
A) shifts the AS curve leftward; shifts the AS curve leftward
B) shifts the AS curve rightward; shifts the AS curve rightward
C) shifts the AS curve leftward; does not shift the AS curve
D) shifts the AS curve leftward; shifts the AS curve rightward
E) shifts the AS curve rightward; shifts the AS curve leftward
Question 2
Suppose the current price of a pound of steak is 12 per pound and the equilibrium price is 9 per pound. In this case, there is a
A) surplus, so the price falls and quantity supplied increases.
B) surplus, so the price rises and quantity demanded increases.
C) shortage, so the price rises and quantity demanded decreases.
D) shortage, so the price falls and quantity demanded increases.
E) surplus, so the price falls and quantity demanded increases.
Written materials can be helpful for the older adult.
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