Explain how the U.S. price level and real GDP will change in the short run. The U.S.

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Explain how the U.S. price level and real GDP will change in the short run.


The U.S. economy is at full employment when the world price of oil begins to rise sharply. Short-run aggregate supply decreases.

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Foundations of Macroeconomics

ISBN: 978-0134492001

8th edition

Authors: Robin Bade, Michael Parkin

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