Question: Explain for each event whether it changes the quantity of real GDP supplied, short-run aggregate supply, long-run aggregate supply, or a combination of them.

Explain for each event whether it changes the quantity of real GDP supplied, short-run aggregate supply, long-run aggregate supply, or a combination of them.

■ Automotive firms in the United States switch to a new technology that raises productivity.

■ Toyota and Honda build additional plants in the United States.

■ The prices of auto parts imported from China rise.

■ Autoworkers agree to a lower money wage rate.

■ The U.S. price level rises.

Aggregate Demand

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