In each situation, (i) state if the LRAS will shift to the left
or right and (ii) which factor of production will cause the
shift.
The US cuts all funding for research and development
US makes immigration reforms stricter making it difficult for
foreigners to come to USA to work
Increase in prices of oil that is a key input for production.
Explain stagflation
Increase of minimum wage rate
US discovers a technology that increases production
of natural gas to be used to run factories
In each situation, (i) state if the LRAS will shift to the left or right and (ii) which factor of production will cause
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