A decrease in the price of resources will cause the aggregate supply curve to

shift downward

shift upward

become flatter

become steeper

Under what circumstances is it possible for the economy to be experiencing deflation (a decrease in the price level)?

a.Equilibrium is at a GDP level below full employment

b.Equilibrium is at a GDP level equal to full employment

c.Equilibrium is at a GDP level above full employment

d.GDP is rising at full employment