Directions: For each of the following scenarios, draw a SRAS and LRAS curve and then illustrate the effect of each situation on the SRAS or LRAS curves. Use straight lines to simplify. Remember to label both axes, Yp and the shift. If the scenario causes a move along the curve, remember which AS line we're always on and draw the dot and arrow along that line. 1. The price of oil falls. Illustrate the effect on aggregate supply. Which aggregate supply shifter is being described? 2. The minimum wage is raised. Illustrate the effect on aggregate supply. Which aggregate supply shifter is being described? 3. A rise in legally mandated retirement benefits paid to workers. Illustrate the effect on aggregate supply. Which aggregate supply shifter is being described? 4. The flu season this year makes many American workers ill. Illustrate the effect on aggregate supply. Which aggregate supply shifter is being described