Question: Fill up the blanks by typing in your answer. Do not type in the quotation mark . Applying the aggregate demand/aggregate supply model, describe the

Fill up the blanks by typing in your answer. Do not type in the quotation mark "".

Applying the aggregate demand/aggregate supply model, describe the impact of the following event on GDP and prices in the short run:

Given the importance of gas in providing energy to production, the 2008 Western Australian gas crisis resulting from a pipeline explosion at Varanus Island will have an impact that:

________ (type in "AD" or "AS") will shift to the ________ (type in "right" or "left").

Output will ________ (type in "increase" or "decrease") and price will

_______ (type in "increase" or "decrease").

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