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A change in the equilibrium price level: a
A change in the equilibrium price level:
a. will lead to a shift in the aggregate supply curve.
b. will lead to a shift in the aggregate demand curve.
c. reflects a shift in the aggregate demand curve and/or aggregate supply curve.
d. will always lead to stagnation.
Expert Solution
The correct option is:
c. reflects a shift in the aggregate demand curve and/or aggregate supply curve.
Any shift in the aggregate supply curve or aggregate demand curve or both will lead to a change in the equilibrium price level.
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