The Short Run Aggregate Supply (SRAS)curve Shifts Left When Oil

question 29

Multiple Choice

The short run aggregate supply (SRAS) curve shifts left when oil supply shocks occur because

• A)fewer goods are produced at any given price level due to higher oil prices.
• B)oil-based production has increased at any given price level.
• C)average total cost will fall at any given output level.
• D)the price level will fall at any given output level.

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