Shifting of as curve
Question: If the AS curve shifts to the right, what happens ("increases" or "decreases") to
(a) The equilibrium rate of output?
(b) The equilibrium price level?
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The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by:
Question: If the AS curve shifts to the right, what happens ("increases" or "decreases") to (a) The equilibrium rate of output? (b) The equilibrium price level?
There is a supply and a demand for most goods. The result is a market clearing equilibrium price. Companies many times (especially around Christmas) supply a certain amount of the "hot/must have" product to the market. Invariably there is more dem
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