Refer to the diagram below. Assume that nominal wages initially are set on the basis of the price level P2 and that the economy initially is operating at its full-employment level of output Qf. In the short run, cost-push inflation could best be shown as: 
Definitions:
Cost Per Equivalent Unit
A calculation used in process costing to allocate costs among units of production, considering units partially completed at the end of a period.
Equivalent Units
A concept used in process costing that converts partially completed units into a smaller number of fully completed units based on the percentage of completion.
Conversion Costs
Expenses for labor and overhead required to transform raw materials into finished products.
Cost Per Equivalent Unit
A calculation used in process costing that assesses the cost of partially completed products, allowing for a consistent comparison of unit costs over different periods.
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