15. Suppose housing values fall during a recession. In the short run, Othe price level will fall as we move down the aggregate demand (AD) curve. the price level will fall as the AD curve shifts left. SRAS will decrease and the price level will fall. OSRAS will increase because wages will fall. )AD will increase because the demand for houses will increase 16. Suppose that interest rates decrease from 4% to 2%. In the short run, one can expect output in the United States to and the price level to . O increase; increase decrease; decrease decrease; increase increase; decrease O remain unchanged; remain unchanged 17.What is on the vertical and horizontal axes of the aggregate demand-aggregate supply (AD-AS) model? )The price level is on the horizontal axis and the real gross domestic product (GDP) is on the vertical axis. The nominal GDP is on the horizontal axis and the real GDP is on the vertical axis. The real GDP is on the horizontal axis and the price level is on the vertical axis. The nominal price level is on the horizontal axis and the real GDP is on the vertical axis. ) The nominal GDP is on the horizontal axis and the real GDP is on the vertical axis