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For each of the following scenarios, say whether the shock was a demand-side shock, a supply-side shock, or a combination of both shocks. a. The
For each of the following scenarios, say whether the shock was a demand-side shock, a supply-side shock, or a combination of both shocks. a. The price level and GDP both fell. GDP then increased, but the price level fell even further. The shock was a (Click to select) b. In the long run, the economy had the same level of output but a higher price level. The shock was a Click to select) c. In the short run, the price level increased, but GDP fell. The shock was a (Click to select) d. In the long run, GDP increased, and the price level fell. The shock was a (Click to select) e. In the long run, GDP increased, and the price level was constant. The shock was a (Click to select)
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