Substantially decreases aggregate supply

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Reference no: EM131108623

Other things being equal, which of the following is likely to result from an increase in oil prices that substantially decreases aggregate supply?

a. an increase in equilibrium real gdp and a decrease in equilibrium price level.

b. an increase in both equilibrium real gdp and the equilibrium price level.

c. a drease in equilibrium real gdp accompanied by an increase in the equilibrium price level

d. a decrease in both equilibrium real gdp and the equilibrium price level.

Reference no: EM131108623

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