Business, 30.04.2021 03:50 hHRS3607

When SRAS1 shifts to SRAS2, the price level increases and the level of real GDP falls. What happens to the short-run Phillips curve when the short-run aggregate supply curve shifts (a supply shock)? A. It shifts up such that a given level of unemployment occurs at a lower price level. B. It shifts down such that a given level of unemployment occurs at a higher price level. C. It shifts down such that a given level of unemployment occurs at a lower price level. D. It shifts up such that a given level of unemployment occurs at a higher price level.

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When SRAS1 shifts to SRAS2, the price level increases and the level of real GDP falls. What happens...

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