The following event has occurred in the history of the United States: The world oil price rises sharply. Explain for event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.

The following event has occurred in the history of the United States: The world oil price rises sharply. Explain for event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter20: Aggregate Demand And Supply

Section: Chapter Questions

Problem 11SQ

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The following event has occurred in the history of the United States:

The world oil price rises sharply.

Explain for event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.

Definition Definition Total supply of goods and services in an economy at a certain price level in a specific time period.

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