LRAS O Aggregate Supply Aggregate Demand Aggregate Supply Price Level A LRAS Aggregate Demand Quantity of OutputWhich of the following statements accurately describes what would happen as a result of this news? Check all that apply. People would expect the price level to rise. [3 The nominal wage that workers and rms agree to in their new labor contracts would be lower than it would be otherwise. Cl The protability of producing goods and services at any given price level would increase. [3 The shortrun aggregatesupply curve would shift to the left. If aggregate demand is held constant, the shift in the aggregatersupply curve will cause the price level to V and the quantity of output produced to V