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Figure: Shifts of the AD-AS Curves Panel (a) Panel (b) Price level Price level SRAS , P2 PA X SRAS , P1 . . .

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Figure: Shifts of the AD-AS Curves Panel (a) Panel (b) Price level Price level SRAS , P2 PA X SRAS , P1 . . . .. . . . . .... P 2 AD, AD2 Y Y2 Y2 Y1 Real GDP Real GDP Panel (c) Panel (d) Price level Price level SRAS, SRASZ SRAS , P1 . . . .7 P2 P2 . . . . . . .. P1 AD , Y1 Y2 Y Y2 Real GDP Real GDP Reference: Ref 12-12 (Figure: Shifts of the AD-AS Curves) A short run increase in wages is illustrated by: O panel (c). O panel (a). O panel (d). O panel (b)

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