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Question 28 Suppose the economy is in long-run equilibrium. If there is a sharp increase in the minimum wage as well as an Answer saved increase in pessimism about future business conditions, what would we expect to happen in the short run? Marked out of 1.00 Select one: Flag question O a. Real GDP will fall, and the price level might rise, fall, or stay the same. O b. The price level will fall, and real GDP might rise, fall, or stay the same. . c. The price level will rise, and real GDP might rise, fall, or stay the same. O d. Real GDP will rise, and the price level might rise, fall, or stay the same. Clear my choice Next p Previous page