Price Level Real Output (billions of dollars per year} Assume the economy is initially in equilibrium on AD1 and A81. Which curve would have shifted and in what direction would it have shifted, if a new equilibrium were to occur at an output level of $300 billion and a price level of P3 in Figure 8.3? 0 Aggregate supply would have shifted to the left. 0 Aggregate supply would have shifted to the right. 0 Aggregate demand would have shifted to the left. 0 Aggregate demand would have shifted to the right