Assume that (a) the price level is flexible upward but not downward and (b) the economy is currently operating at its full-employment output. Other things equal, how will each of the following affect the equilibrium price level and equilibrium level of real output in the short run? a. An increase in aggregate demand. The price level does not change, but real output increoses. The price level does not change, butreal output decines. The price level increases somewhat, with o relatively large chonge in output The price level rises and real output decreases. The price level rises rapidiy ond there is litle change in real output b. A decrease in aggregare supply. with no change in oggregate demand The price level does nor change, butreol outhut decines The price level nises rapidy ond therets limle change in real outpur The price level rises ond real output decteareth The pice ievel does inat changel but real output increoses. The price ievel increopes somevhot with oreatyely lorge change in outaut 9 The price level rises rapidly and there is little change in real output: d. A decrease in aggregate demand. The price level increoses somewhat, with a relatively large change in output The price level does not change, but real output declines. The price level rises and real output decreases. The price level rises rapidly and there is little change in real output: The price level does not change, but real output increases. e. An increase in aggregate demand that exceeds an increase in aggregate supply. The price level rises rapidly ond there is little change in real output. The price level increases somewhat. with o relatively large change in output The price level does not change. but real output declines The price level rises and reol output decreases. The price level ooes not change but reol output increases