1.Illustrate each of the following situations with a graph showing AS and AD curves, and explain what happens to the equilibrium values of the price level and aggregate output:

a. A decrease in with the money supply held constant by the Fed

b. A decrease in the price of oil with no change in government spending

c. An increase in with no change in government spending

d. An increase in the price of oil and a decrease in 3.1 G

Z G