A decrease in the availability of an important major resource such as oil shifts
A)aggregate supply right.
B)aggregate supply left.
C)aggregate demand right.
D)aggregate demand left.

Question

Quizplus · Accepted Answer

A decrease in the availability of an important major resource such as oil would increase the cost of production for many goods and services, meaning that firms would produce fewer goods and services at any given price level. This would cause a leftward shift in the aggregate supply curve.

A Decrease in the Availability of an Important Major Resource