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The Short Run Aggregate Supply (SRAS)curve Shifts Left When Oil

Question 29

Multiple Choice

The short run aggregate supply (SRAS) curve shifts left when oil supply shocks occur because


A) fewer goods are produced at any given price level due to higher oil prices.
B) oil-based production has increased at any given price level.
C) average total cost will fall at any given output level.
D) the price level will fall at any given output level.

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