Aggregate supply curve-equilibrium level of output

Reference no: EM1314375

Explain what happens to the nation's aggregate supply curve, the short-run equilibrium level of output, and the price level if:

a) Congress increases the statutory minimum wage.

b) Oil prices drop to $12 per barrel.

c) A new computer virus disables 40 million personal computers

d) Development of new solar technologies causes energy prices to plummet.

e) Crop-restriction payments to farmers are eliminated.

f) Congress enacts a 25 percent investment tax credit

g) Productivity growth accelerates unexpectedly to 5 percent per year

Reference no: EM1314375

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