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Price Level (average price) P AS Vertical AS Upward-sloping AS Horizontal AD 100 110 120 Real Output (quantity per year) reset O i-> H

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Price Level (average price) P AS Vertical AS Upward-sloping AS Horizontal AD 100 110 120 Real Output (quantity per year) reset O i-> H Given the shift in aggregate demand, a. Which AS curve results in the largest increase in output? b. Which AS curve results in the largest increase in the price level? c. Which AS curve results in an increase in both output and the price level? aggregate supply aggregate supply aggregate supply

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