Question
1. For each of the following scenarios, identify how firms' overall productivity is affected and which way the Short Run Aggregate Supply curve shifts (if
1. For each of the following scenarios, identify how firms' overall productivity is affected and which way the Short Run Aggregate Supply curve shifts (if at all). a. Organization of Petroleum Exporting Countries (OPEC) successfully increases oil prices. b. High birth rate has increased the labor force. c. The federal minimum wage is increased to $20 an hour d. A new survey conducted by the Bureau of Economic Analysis indicates that households are feeling more optimistic/confident about the future. e. A new type of quantum processor is invented and becomes widely available.
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