Explain whether the following scenarios shift the aggregate

Reference no: EM13379478

explain whether the following scenarios shift the aggregate supply or aggregate demand curves. Illustrate what happens by using a graph. Finally, state in what direction the price level and the quantity move.

a.) Households decide to save a larger share of their income.

PRICE LEVEL: _________

QUANTITY: ________

b.) Florida orange groves suffer a prolonged period of below-freezing temperatures.

PRICE LEVEL: ________

QUANTITY: ______

Reference no: EM13379478

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