P1 .......!...... '45-: E l 3 i a P: 't i n. ! i w l". 100 200 300 400 Real Output (billions of dollars per year) Assume the economy is initially in equilibrium on AD2 and A82. Which curve would have shifted, and in what direction would it have shifted, if a new equilibrium were to occur at an output level of $300 billion and a price level of P3 in Figure 8.3? 0 Aggregate supply would have shifted to the left. 0 Aggregate supply would have shifted to the right. 0 Aggregate demand would have shifted to the left. O Aggregate demand would have shifted to the right