Assume the Economy Is Initially in Equilibrium on AD₁ and AS₁.Which

question 49

Multiple Choice

Assume the economy is initially in equilibrium on AD₁ and AS₁.Which curve would have shifted,and in what direction would it have shifted,if a new equilibrium were to occur at an output level of $300 billion and a price level of P₃ in Figure 8.3?

• A)Aggregate supply would have shifted to the left.
• B)Aggregate supply would have shifted to the right.
• C)Aggregate demand would have shifted to the left.
• D)Aggregate demand would have shifted to the right.

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