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Suppose the economy is starting in a long-run equilibrium. In a short span of time, there is a major new discovery of oil, and a
Suppose the economy is starting in a long-run equilibrium. In a short span of time, there is a major new discovery of oil, and a major new technological advance in electricity production. Assuming all other factors are held constant and using the model of aggregate demand and aggregate supply, what would we expect to happen? Group of answer choices The price level will rise and real GDP will fall. The price level will fall and real GDP will rise. The price level and real GDP will stay the same. The price level and the real GDP will fall
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