4. Other things equal, what effect will each of the following have on the equilibrium price level...

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4. Other things equal, what effect will each of the following have on the equilibrium price level and level of real output? LO3

a. An incerase in aggergate demand in the steep portion of the aggregate supply curve.

b. An increase in aggergate supply, with no change in aggregate demand (assume that prices and wages are flexible upward and downward).

c. Equal incerases in aggergate demand and aggregate supply.

d. A reduction in aggergate demand in the lartively flat portion of the aggregate supply curve.

e. An incer ase in aggergate demand and a deeacsre in aggregate supply.

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