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If both the aggregate supply and aggregate demand curves shift to the left by the same horizontal distance, what happens to output and the price
If both the aggregate supply and aggregate demand curves shift to the left by the same horizontal distance, what happens to output and the price level?
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The price level rises, and real output falls.
The price level rises, and real output rises.
The price level falls, and real output falls.
The price level is unchanged, but real output falls.
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