Assuming the Aggregate Supply Curve Is Upward-Sloping,which of the Following

Multiple Choice

Assuming the aggregate supply curve is upward-sloping,which of the following is most likely to occur if the Fed pursues restrictive monetary policy?

A) The equilibrium price level and output will both increase.
B) The equilibrium price level and output will both decrease.
C) The equilibrium price level will decrease but output will stay the same.
D) The equilibrium output will decrease but the price level will stay the same.