National Income and Price Determination

An upward movement along the same SRAS curve because individual appliance prices will rise.

A rightward shift if consumers purchase more appliances due to increased confidence in their efficiency.

A leftward shift if producers face higher manufacturing costs that cannot be passed on fully.

A decrease in output per unit time at each price level causing the SRAS curve to shift leftward.

Swift increase in money supply followed by a sudden reversal once output approaches potential GDP.

Gradual reduction of the central bank's interest rate accompanied by communication on long-term inflation targets.

Oligopoly

Monopoly

Perfect competition

Monopolistic competition

Cutting corporate tax rates.

Launching new infrastructure projects.

Providing subsidies for businesses to expand operations.

Increasing taxes on corporations and individuals.

Adopt a neutral stance and maintain current levels of taxation while observing trends for future adjustments if needed.

Introduce contractionary measures such as raising taxes or reducing investment to dissuade further declines in consumer confidence.

Utilize tightening strategies to diminish circulation of capital and restrict growth to prevent any potential bubbles forming within certain industries or markets.

They may implement expansionary policies like tax cuts or increased government expenditures to counteract declining prices and stimulate the economy.

The aggregate demand for goods and services in an economy at a given price level during a specific time period

All goods and services that firms are willing and able to produce at various price levels

The relationship between the price level and the quantity of goods and services supplied in the long run

The total output that an economy can produce in the long run, regardless of the price level

An unpredictable impact on aggregate supply

A decrease in aggregate supply

An increase in aggregate supply

No change in aggregate supply

By shifting it leftward because new technology often requires high initial investments by firms

By making it more vertical since advanced tech can make production less responsive to changes in prices

By having no effect since technological advancements impact long-run growth rather than short-term supply

By shifting it rightward due to enhanced productivity and lower production costs per unit of output

Rapid increase in the money supply.

Decreased investment due to higher interest rates.

Increased predictability of inflation rates.

Immediate achievement of full employment.

A decrease in input prices.

An increase in money supply.

A rise in consumer confidence.

Higher interest rates.