suppose an economy is in its long-run macroeconomic equilibrium when an oil shock shifts the short-run aggregate supply curve to the left resulting in a recessionary gap. a. how do the aggregate price level and aggregate output change in the short run as a result of the oil shock? what is this phenomenon known as? as a result of the oil shock, the aggregate price level
As a result of the oil shock, The decrease in price level makes it cheaper to hire more workers and produce more.
What is price?
The price is best described as: What a supplier charges for goods or services.
The amount a consumer is willing to pay for goods or services.
Price is the amount of payment or compensation (usually non-negative) made by one party to another party in exchange for goods or services.
In some cases, the production price is given another name.
The sum or amount of money or value that something is bought, sold, or offered for sale.
Amount offered for capture of survivors or deceased: Authorities placed a bounty on his head.
Decrease the selling price of an item. Synonyms: deduction, discount. Type: downgraded downgraded downgraded. The act of reducing or reducing something.
