Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the minimum wage, a major new discovery of oil, a large influx of immigrants, and new environmental regulations that reduce electricity production. In the short run, what would we expect to happen? a. The price level will fall, and real GDP will rise. b. The price level to rise and real GDP will both fall. c. The price level and real GDP will both stay the same. d. The price level will rise, fall, or stay the same, and the real GDP will rise, fall, or stay the same.