The following schedule provides information with which to draw both an aggregate demand curve and an aggregate supply curve.Both curves are assumed to be straight lines.

(a) At what price level does equilibrium occur?

(b) What curve would have shifted if a new equilibrium were to occur at an output level of 700 and a price level of $700?

(c) What curve would have shifted if a new equilibrium were to occur at an output level of 700 and a price level of $500?

(d) What curve would have shifted if a new equilibrium were to occur at an output level of 700 and a price level of $300?

Average Price Quantity Demanded Quantity Supplied (dollars per unit) units per year) units per year) $1,000 1.000 100 900 100